MANILA – The Philippine peso ended on Thursday sideways against the US dollar but the main stocks gauge fell to the 4,600-level still on anxieties on the coronavirus disease 2019 (Covid-19).
The local currency finished the day at 51.1 from 51.05 a day ago.
It opened sideways at 51.3 compared to its 51.8 start in the previous day.
It traded between 51.38 and 51.05, resulting in an average of 51.215.
Volume totaled USD597.08 million, lower than the USD712.25 million a day ago.
Union Bank of the Philippines (Union Bank) chief economist Carlos Asuncion said the 50-basis-point reduction in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates announced Thursday contributed partly to the peso’s resiliency.
In a message to the Philippine News Agency (PNA), Asuncion said cutting rates normally makes currencies weaker.
“Even if the BSP did cut 50 bps, the peso still gains signaling the BSP’s wide policy space,” he said.
The Philippine Stock Exchange index (PSEi) remained downslope after it fell to 4,623.42 points, down 13.34 percent or 711.95 points, after two days of trading suspension as Luzon was placed under an enhanced community quarantine to arrest the rise of coronavirus disease (Covid-19) cases.
All Shares slipped by 11.93 percent, or 390.21 points, to 2,881.58 percent.
Mining and Oil posted the biggest drop after it declined by 17.74 percent.
Financials trailed after it was chopped off 15.38 percent along with Industrial, 13.34 percent; Holding Firms, 13.11 percent; Property, 12.51 percent; and Services, 11.61 percent.
Volume totaled 1.25 billion shares amounting to PHP9.42 billion.
Losers surpassed gainers at 211 to 8, while 21 shares were unchanged. (PNA)
