The peso rose further against the dollar on Wednesday even as the stock market edged down for a second day in a row.
The currency strengthened by 35 centavos to P58.23:$1, its highest close in more than a month after returning to a record low of P59:$1 in November.
It opened at P58.485:$1 and ranged from P58.23 to P58.5. Volume rose to P1.717 billion from P1.323 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the peso’s strengthening to a seasonal increase in overseas Filipino workers’ dollar remittances that were converted to pesos for Christmas holiday spending.
The benchmark Philippine Stock Exchange index (PSEi), meanwhile, slipped by 4.25 points, or 0.06 percent, to 6,729.96.
The broader All Shares, on the other hand, edged up 0.71 points, or 0.02 percent, to 3,792.48.
Philstocks Financial Inc. research manager Japhet Tantiangco said the dip was caused by “negative sentiment within the region” following political turmoil in South Korea.
“Investors also digested the Philippines’ latest national government debt data which reached a new record,” he added.
The Bureau of Treasury reported on Tuesday that the national government’s outstanding debt reached a new record high of P16.02 trillion in October.
Net value turnover for the day was P5.16 billion, lower than the year-to-date average of P5.18 billion.
“Foreigners were still net sellers with net outflows at P537.32 million,” Tantiangco said.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said “Philippine shares traded flat once again as investors await tomorrow’s CPI (consumer price index) release.”
“Several are estimating that the latest inflationary data will be slightly above October’s 2.3 percent but well within the administration’s acceptable range,” he added.
Most sector indices closed in the green, with financials gaining the most by 0.35 percent. Holding firms and mining and oil declined 0.81 percent and 0.10 percent, respectively.
On a company basis, gainers outnumbered decliners, 103 to 89, while 42 were unchanged.
Be the first to comment