MANILA -- The Philippine peso improved against the greenback along with the Philippine Stock Exchange index (PSEi) Wednesday on optimism over a trade deal between the US and China.
The local currency ended the day at 50.80 from 50.90 Tuesday, which BPI Research attributed to news reports citing US President Donald Trump as saying that the US and China are “in the final throes of a very important deal.”
BPI Research said the latest news about US and China’s trade discussions renewed investors’ sentiment and buoyed the local currency.
The peso opened the day weaker at 50.84 compared to its 50.72 start in the previous day.
It traded between 50.92 and 50.80, resulting in an average of 50.857.
Volume reached USD858.25 million, lower than the USD1.3 billion Tuesday.
The peso is seen to trade between 50.70 and 51.00 to a US dollar on Thursday.
The main equities gauge increased by 1.68 percent, or 129.09 points, to 7,836.89 points.
All Shares trailed with a 1.27-percent, or 58.64 points, jump to 4,685.00 points.
Property led the sectors with a 2.60-percent uptick, and was followed by the Financials, 2.59 percent; Industrial, 1.89 percent; Holding Firms, 0.82 percent; and Mining and Oil, 0.18 percent.
Only the Services ended in the red with a drop of 0.46 percent.
Volume reached 1.82 billion shares amounting to PHP7.7 billion.
Gainers surpassed the losers at 102 to 77, while 54 shares were unchanged. (PNA)
