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Sunday, December 18, 2016
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MANILA – The Philippine peso finished the week slightly better than the greenback despite profit-taking but the stock market ended mixed still due to lingering impact of the Federal Reserve key rate hike.
The peso finished Friday at 49.20 from 49.96, which a trader also traced to exporters unloading their earnings to take profit from the improvement of the local currency.
It opened the day at 49.95, little changed from the 49.90 Thursday.
It traded between its opening level and 49.84 bringing the day’s average to 49.90.
Volume of trade reached $347.2 million, lower than the $438.9 million in the previous session.
The currency pair is expected to trade between 49.70 and 49.90 next week.
The Philippine Stock Exchange index (PSEi) shed 0.07 percent, or 4.60 points, to 6,850.71 points, which a trader said was also because of anticipations for future Fed rate hikes.
All Shares also declined by 0.05 percent, or 1.93 points, to 4,159.42 points.
Most of the sectors also registered contractions, led by the Financials with 0.41 percent.
Holding firms lost 0.31 percent, Industrial by 0.25 percent, and Services, 0.17 percent.
On the other hand, the Property index rose 0.88 percent and the Mining and Oil by 0.25 percent.
A total of 1.64 billion shares amounting to P9.6 billion changed hands.
Decliners led gainers at 94 to 83 while 43 stocks were unchanged. (PNA)
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