PHP ends week flat as PSEi succumbs to profit-taking

PHP ends week flat as PSEi succumbs to profit-taking
By Joann Santiago

MANILA, Feb. 24 (PNA) — The Philippine peso finished the week flat at 50.21 from 50.22 Thursday, partly due to the dollar’s retreat following US President Donald Trump’s comment that China was the “grand champion” of currency manipulation.

This, despite the profit-taking mode in the local stock market that ended the main index’s five-day rally.

The local currency opened the day at 50.16 from 50.20 a day ago.

It traded between 50.24 and 50.15, bringing the day’s average to 50.19.

Some USD415.3 million changed hands, higher than the USD334.3 million a day ago.

The currency pair is forecast to trade between 50.00 and 50.30 next week.

The Philippine Stock Exchange index (PSEi), on the other hand, shed 1.04 percent, or 76.57 points, to 7,258.99 points.

A trader said investors grabbed the chance to book profits following the run-up of the index this week.

However, there were sell-offs during the day on expectations of a Federal Reserve rate hike in March at the soonest following the release of the minutes of the Federal Open Market Committee (FOMC) meeting last Jan. 31 to Feb. 1.

All Shares index followed with a 0.73 percent, or 32.19 points, drop to 4,395.08 points.

The sectors also ended the week on the red with Mining and Oil posting the highest fall at 2.87 percent.

Property came in second with 1.005 percent; followed by Holding Firms, 0.96 percent; Services, 0.89 percent; Financials, 0.85 percent; and Industrial, 0.46 percent.

Total volume covered 976.5 million shares amounting to Php 6.4 billion.

Losers led gainers at 113 to 71 while 51 shares were unchanged. (PNA)

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