MANILA --The peso ended Monday sideways against the US dollar but the Philippine Stock Exchange index (PSEi) ended on the red still on trade-related issues.
The local currency finished the week’s first trading day at 50.66 from 50.65 Friday last week, which BPI Research traced to the impact of the weaker Chinese yuan.
This after the People’s Bank of China (PBOC) slashed short-term funding rate for the first time since 2015 to help boost domestic growth.
In its website, PBOC said the seven-day reverse repurchase rate has been reduced to 2.50 percent from 2.55 percent.
It has recently cut the borrowing cost on medium-term lending facility (MLF) by 5 basis points to 3.25 percent.
With these factors, the local currency opened the day flat at 50.6.
It traded between 50.69 and 50.57, resulting in an average of 50.618.
Volume reached USD884.8 million, down from USD1.12 billion at the end of last week.
The peso is seen to trade between 50.50 and 50.70 on Tuesday.
On the other hand, the main equities index shed 0.66 percent, or 52.02 points, to 7,880.94 points.
All Shares index also registered a 0.66-percent drop, or 31.55 points, to 4,720.26 points.
Mining and Oil posted the highest drop at 2.20 percent, followed by the Property, 1.12 percent; Industrial, 0.66 percent; Financials, 0.57 percent; Holding Firms, 0.49 percent; and Services, 0.23 percent.
Volume reached 430.55 million shares amounting to PHP4.32 billion.
Losers surpassed gainers anew at 128 to 52, while 51 shares were unchanged. (PNA)
