Thu. May 26th, 2022

MANILA – The Philippine peso ended the week up against the US dollar while the main stocks gauge ended in the red on anxieties on the reopening of some sectors of the Philippine economy after May 15.

The local unit ended at 50.42 on Friday from 50.56 the previous day.

It opened the day at 50.50, sideways from its 50.54 start on Thursday, trading between 50.51 and 50.41 and resulting in an average of 50.458.

Volume totaled USD433.2 million, lower than the USD558.39 million on Thursday.

On the other hand, the Philippine Stock Exchange index (PSEi) lost 0.55 percent, or 31.22 points, to 5,621.94 points.

All Shares declined by 0.30 percent, or 10.08 points, to 3,403.80 points.

It was a mix among the sectors, with Industrial rising by 0.20 percent; Mining and Oil by 0.19 percent; and Holding Firms, 0.05 percent.

On the other hand, Property fell by 1.21 percent, Financials by 1.09, and Services by 0.18 percent.

Volume totaled 470.94 million shares amounting to PHP5.86 billion.

Losers surpassed gainers at 90 to 75 while 55 shares were unchanged.

Regina Capital Development Corp. head of sales, Luis Limlingan, said investors “grappled over the reopening of the economy.”

“While the market shrugged off the contraction in GDP (gross domestic product), focus now has switched to the effect of the pandemic on domestic and regional growth,” he said.

Authorities on Thursday reported a 0.2 percent contraction in domestic growth in the first quarter this year due to the impact of the Taal Volcano eruption last January and the coronavirus disease 2019 (Covid-19) outbreak.

The pandemic made authorities ban tourists from mainland China, Hong Kong, Macau, and Taiwan since February to prevent the spread of the virus.

Additional worries came from the reversal of recovery in global oil prices, with the West Texas Intermediate (WTI) down to USD23.55 per barrel and the Brent crude to USD29.46 per barrel. (IA/PNA)

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