MANILA -- Trade-related issues continue to affect financial markets resulting in the weakening of the Philippine peso and the Philippine Stock Exchange index (PSEi) Tuesday.
The local currency ended the day at 50.90 which BPI Research traced to developments in the US-China trade talks.
In its market report, BPI Research said US Trade Representative Robert Lighthizer, US Treasury Secretary Steven Mnuchin, and Chinese Vice Premier Liu He had a phone call meeting to discuss some issues.
Citing news reports, it said “China's Ministry of Commerce said that the top negotiators have reached a consensus on how to resolve their concerns and will continue their discussions on the remaining issues.”
For the day, the peso opened at 50.72 and traded between 50.90 and 50.66. Average rate for the day stood at 50.76.
Total volume reached USD1.3 billion, higher than the USD1.20 billion a day ago.
The currency pair is seen to trade between 50.70 and 51.00 on Wednesday.
Meanwhile, the main equities index dropped 0.82 percent, or 63.82 points, to 7,707.80 points.
BPI Research said profit-taking resulted in the loss of the main gauge after its rise in the morning session.
All Shares also ended on the red after it fell 0.58 percent, or 27.18 points, to 4,626.36 points.
Majority of the sectoral indices followed the PSEi, led by the Property which declined by 1.26 percent.
It was followed by the Financials, 0.95 percent; Holding Firms, 0.80 percent; and Industrial, 0.48 percent.
Mining and Oil index rose by 2.56 percent and Services by 0.43 percent.
Volume totaled to 1.51 billion shares amounting to PHP21.2 billion.
Losers led gainers at 99 to 72, while 55 shares were unchanged. (PNA)
