MANILA – The Philippine Stock Exchange index (PSEI) recovered Friday and the peso ended the week sideways against the US dollar.
After a two-day slide, the main equities index rose by 1.11 percent, or 65.57 points, to 5,967.96 points.
All Shares also increased after it rose by 0.67 percent, or 23.82 points, to 3,577.38 points.
Most of the sectoral gauges also finished the week with gains, led by the Holding Firms, which jumped by 1.92 percent.
It was followed by the Services, 1.12 percent; Property, 0.61 percent; and Industrial, 0.51 percent.
On the other hand, Mining and Oil dropped by 0.31 percent and Financials by 0.25 percent.
Volume reached 1.11 billion shares amounting to PHP4.2 billion.
Losers led gainers at 92 to 90 while 51 shares were unchanged.
Similarly, the local currency ended the day at 48.54 to a US dollar, little changed from its 48.57 close a day ago.
It opened the day flat at 48.6 and traded between 48.6 and 48.505. Average level for the day stood at 48.551.
Volume reached USD903.65 million, higher than day-ago’s USD548.96 million.
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort traced the local currency’s performance during the day partly to investors’ concerns after US’ Democrat Senators thumbed down an additional government stimulus program proposed by Republicans.
“Peso continued to appreciate as new COVID-19 still eased/tapered off from record highs recently, thereby could support economic recovery prospects, going forward,” he also said.
He forecasts the peso to trade between 48.00-48.50 to the greenback next week. (PNA)