Wed. Sep 29th, 2021

MANILA – The peso ended the week’s first trading day up against the US dollar but the Philippine Stock Exchange index (PSEi) ended on the red still on uncertainties of policies on the coronavirus disease (Covid-19).

The peso finished the day at 50.79, better than its 50.9 close Friday last week.

It opened the day at 50.9, weaker than its 50.78 start in the previous session.

It traded between 50.96 and 50.76, resulting in an average of 50.88.

Volume totaled to USD320.57 million, lower than the previous session’s USD491.6 million.

BDO chief market strategist Jonathan Ravelas forecasts the local currency to be on sideways movement in the near term, partly from the lift given by the policy rate cut decision of the Bangko Sentral ng Pilipinas.

On the other hand, after a recovery last Friday, the main equities index dropped by 0.97 percent, or 56.32 points, to 5,733.65 points.

All shares declined by 0.53 percent, or 18.53 points, to 3,473.90 points.

Industrial, Financials, Property, and Holding Firms slipped by 1.60 percent, 1.07 percent, 1.06 percent, and 0.80 percent, respectively.

On the other hand, Mining and Oil increased by 1.98 percent and Services, 0.34 percent.

Volume totaled to 703.7 million shares amounting to PHP4.76 billion.

Gainers led losers at 109 to 83, while 44 shares were unchanged.

Regina Capital Managing Director Luis Limlingan traced the negative investors sentiment Monday to the wait-and-see stance on the possible treatment for the coronavirus disease 2019 (Covid-19) and US President Donald Trump’s announced guidelines for a three-phased approach for the reopening of the world’s largest economy.

Some economists said Trump’s proposal lacks the needed safeguard for the economy and the people because it does not say something about any increase in testing, no standard on levels of cases before the economy would be opened, and no specifics on how the workers and customers will be protected. (PNA)

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