MANILA -- The Philippine peso ended Tuesday sideways against the greenback, while the Philippine Stock Exchange index (PSEi) reverted to negative territory due to risk aversion vis-à-vis the drone attack on oil facilities in Saudi Arabia.
The local currency finished the day at 52.26 from 52.28 a day ago, which BPI Research attributed to the expected strong growth of remittances for July.
The Bangko Sentral ng Pilipinas (BSP) on Monday reported a 7.5-percent year-on-year growth of cash inflows from overseas Filipinos in July to USD2.58 billion, while end-July growth was lower at 3.9 percent to USD17.22 billion.
Risk aversion resulted in the weak opening of the local unit at 52.33 for the day from 52.15 Monday.
It, however, improved to 52.23 but also touched 52.395. Average level for the day stood at 52.337.
Volume amounted to USD1.14 billion from USD1.33 billion in the previous session.
The currency pair is seen to trade between 52.00 and 52.40 Wednesday.
On the other hand, the PSEi contracted by 0.81 percent or 64.67 points, to 7,932.23 points.
The BPI Research pointed the decline to negative global risk sentiment.
All Shares index declined by 0.60 percent or 28.85 points to 4,794.20 points.
Financials posted the highest drop at 2.28 percent, followed by Mining and Oil, 2.17 percent; Services, 0.95 percent; Holding Firms, 0.65 percent; and Property, 0.30 percent.
Only the Industrial index ended with gains after rising by 0.09 percent.
Volume was thin at 720.07 million shares amounting to PHP5.21 billion.
Losers led gainers at 126 to 73, while 45 shares were unchanged. (PNA)
