Peso strengthens anew, PSEi down slightly on profit-taking

MANILA - - The Philippine peso improved anew Friday on lower US Treasury yields while the main stocks gauge shed slightly on profit-taking.

The local currency finished the week at 50.87 from the previous session's 50.93.

A trader pointed out that concerns on US President Donald Trump's ability to push his economic reform program also strengthened the peso against the US dollar.

The peso opened the day at 50.80, better than its 51.00 start in the previous session.

It traded between 50.92 and 50.67, bringing the day's average to 50.76.

Volume of trade surged to USD1.191 billion, nearly double the USD613.8 million Thursday.

The currency pair is seen to trade between 50.60 and 50.90 next week.

The Philippine Stock Exchange index (PSEi), on the other hand, was affected by  risk-off sentiment a day after recovering but still managed to stay at the 8,000-level.

It shed 0.003 percent, or 0.23 points, to 8,022.75 points.

The broader All Shares managed to stay afloat after rising 0.01 percent, or 0.46 points, to 4,763.30 points.

It was a mixed for the sectors, with four ending the week with gains while two finished on the red.

Mining and Oil led the gainers after it rose 1.17 percent; followed by Holding Firms, 0.12 percent; Financials, 0.11 percent; and Property, 0.10 percent.

At the other side are Services and Industrial, which fell 0.55 percent and 0.14 pecent, respectively.

Volume for the day reached 1.55 billion shares  amounting to PHP7.89 billion.

Advancers led decliners at 99 to 92 while 55 shares were unchanged. (PNA)