THE PHILIPPINE peso ended Wednesday at its nine-month high against the US dollar but the benchmark for local share prices slipped partly due to wait-and-see stance statement from Federal Reserve chair Jerome Powell.
The peso ended the day at 51.91 from 52.025 a day ago, which Bank of the Philippines (BPI) Research was attributed to Malacanang’s statement that President Rodrigo R. Duterte wants continuity in the Bangko Sentral ng Pilipinas (BSP).
This, even as the President has yet to appoint the successor of BSP Governor Nestor A. Espenilla Jr., who succumbed to cancer last Saturday.
Union Bank chief economist Carlo Asuncion traced the peso’s strengthening to the BSP’s efforts to increase its foreign reserves as well as to news on the positive path of the trade discussions between the US and China.
For the day, the peso opened at 52.00 from 51.955 Tuesday.
It traded between 52.08 and 51.905, resulting to an average of 52.006.
Volume of trade reached USD1.15 billion, up from the USD909.11 million a day ago.
The currency pair is seen to trade between 51.90 and 52.10 Thursday.
On the other hand, the Philippine Stock Exchange index (PSEi) fell 1.24 percent, or 99.04 points, to 7,889.12 points.
All Shares trailed with a drop of 0.96 percent, or 46.75 points, to 4,849.36 points.
Most of the sectors also ended on the red, led by the Holding Firms, 1.88 percent; and was followed by the Services, 1.35 percent; Property, 1.26 percent; and Industrial, 1.24 percent.
Financials rose 0.84 percent and Mining and Oil, 0.08 percent.
Volume reached 1.96 billion shares amounting to PHP7.43 billion.
Decliners led advancers at 123 to 69; while 63 shares were unchanged. (Joann Villanueva)
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