MANILA – The Philippine peso was little changed against the US dollar after investors’ hopes for a cut in the European Central Bank’s (ECB) key rates were doused while the main equities index ended its three-day rally as the week's trading came to a close.
The local currency finished the week at 51.055 from 51.11 a day ago, which a trader attributed to investors' disappointment after the ECB kept interest rates unchanged at zero percent contrary to rate cut expectations.
ECB President Mario Draghi said they will maintain rates “at their present or lower levels” at least until the first half of next year.
With this, the peso opened the day at 51.2, slightly weaker than its 51.14 start in the previous day.
It traded between 51.055 and 51.21, resulting to an average of 51.157.
Volume reached USD859.34 million, higher than the previous day’s USD831.85 million.
The currency pair is seen to trade between 51.00 and 51.30 on Monday.
On the other hand, after rising to the 8,200-level the Philippine Stock Exchange index (PSEi) reversed its course and lost 1.07 percent, or 88.19 points, to 8,183.99 points, which a trader observed only followed the regional trend.
All Shares also ended the week on the red at 4,955.60 points, down by 0.77 percent or 38.24 points.
Most of the sectoral counters tracked the main gauge, with the Mining and Oil posting the highest drop of 2.08 percent.
This was followed by the Financials, 1.34 percent; Property, 1.23 percent; Services, 1.07 percent; and Holding Firms, 0.97 percent.
Only the Industrial increased for the day by 0.53 percent.
Volume reached 1.23 billion shares amounting to P HP5.9 billion.
Gainers led losers at a very close difference of 91 to 90 while 58 shares were unchanged. (PNA)
