Tue. May 24th, 2022

By Joann Villanueva 

MANILA – The Philippine peso ended the week sideways against the US dollar but the main stocks index ended on the red still due to concerns on the novel coronavirus 2019 (Covid-19), among others.

The local currency finished the trade at 50.56 from 50.50 Thursday, which BPI Research attributed to foreign investors decision to sell some of their holdings in the local bourse.

It opened the day at 50.47, better than the 50.57 start in the previous session.

It traded between 50.58 and 50.42, resulting to an average of 50.49.

Volume totaled to USD831.5 million, a drop from the USD1.11 billion a day ago.

It is projected to trade between 50.40 and 50.70 on Monday.

On the other hand, the Philippine Stock Exchange index (PSEi) declined by 1.64 percent, or 121.12 points, to 7,282.00 points.

All Shares slipped by 0.88 percent, or 38.13 points, to 4,319.11 points.

Property declined the most among the sectoral indices with 1.67 percent drop and was followed by the Financials, 1.42 percent; Holding Firms, 1.09 percent; Industrial, 1.05 percent; Services, 0.99 percent; and Mining and Oil, 0.62 percent.

Volume totaled to 888.41 million shares amounting to PHP6.45 billion.

Advancers surpassed decliners at 100 to 82 while 44 shares were unchanged.

Aside from uncertainties on the coronavirus, Regina Capital Managing Director Luis Limlingan traced the negative sentiments in the local stocks market to the rebalancing of the PSEi and the news that Federal Reserve reduced repurchase operations.

The Fed cut its overnight repo operations from PHP120 billion to USD100 billion starting February 14 this year.

It also announced the possible smaller term operations and lower maximum on term repo to USD25 billion by mid-February and to USD20 billion next month. (PNA)

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