Mon. Jan 17th, 2022

MANILA – The Philippine peso ended stronger against the US dollar Monday but the main equities index still slipped due to risk aversion because of the coronavirus disease 2019 (Covid-19) pandemic.

The local currency finished the day at 50.695 to a greenback from 50.84 close Friday last week.

It opened the day at 50.75, sideways compared to its 50.68 start in the previous session.

It traded between 50.77 and 50.695, resulting in an average of 50.74.

Total volume amounted to USD213.82 million, lower than the USD391.68 million at the end of last week.

On the other hand, the Philippine Stock Exchange index (PSEi) declined by 0.27 percent, or 14.53 points, to 5,450.45 points.

All Shares went down by 0.24 percent, or 8.01 points, to 3,342.72 points.

It was a mix among the sectors but most ended the day up, led by the Mining and Oil, which rose 5.28 percent.

Services increased by 1.36 percent, Property by 0.63 percent, and Industrial by 0.56 percent.

On the other hand, Financials dropped by 2.19 percent and Holding Firms by 0.92 percent.

Volume totaled to 568.77 million shares amounting to PHP4.1 billion.

Losers surpassed gainers at 112 to 88, while 32 shares were unchanged.

“Local shares logged in another loss as investors digested economic data, mixed corporate results, and the extension of the ECQ (enhanced community quarantine) past April 30,” said Regina Capital Managing Director Luis Limlingan.

President Rodrigo Duterte has approved the recommendation of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (AITF-EID) to extend the ECQ until May 15, 2020 for Metro Manila, Central Luzon, and Region 4-A among other areas, due to high number of Covid-19 cases.

As of Monday, total Covid-19 cases in the country reached 7,777, with 932 patients who have recovered while 511 have died.

In the US, President Donald Trump signed into law a USD484-billion Covid-19 aid package aimed to help, among others, small businesses from the impact of the global pandemic. (IA/PNA)

Leave a Reply