MANILA – The Philippine peso on Monday remained firm against the US dollar despite concerns on the continued rise of coronavirus disease 2019 (Covid-19) worldwide, especially in the US, but the main stocks gauge ended in the negative territory.
The local currency finished the week’s first trading day at 50.96, little changed against its 51.00 close last Friday.
It opened the week weaker at 51.00 from 50.888 in the previous session.
It traded between 51.1 and 50.85, resulting in an average of 51.04.
Volume went down to USD315.35 million compared to USD456.2 million at the end of last week.
On the other hand, the Philippine Stock Exchange Index (PSEi) slipped by 2.57 percent, or 135.46 points, to 5,131.16 points.
All the other indices followed suit, with the All Shares down by 2.34 percent, or 75.19 points, to 3,144.31 points.
Financials led the sectors after it fell 3.35 percent and was trailed by the Holding Firms, 3.07 percent; Industrial and Property, both down by 2.14 percent; Mining and Oil, 1.34 percent; and Services, 0.65 percent.
Volume totaled to 535.84 million shares amounting to PHP5.33 billion.
Losers surpassed gainers at 134 to 49, while 37 shares were unchanged.
Regina Capital Managing Director Luis Limlingan forecasts another volatile week as “sentiment took a hit as investors focused back on Covid-19 outbreaks in the US.”
To date, Covid-19 cases in the world’s largest economy have reached about 122,653, with total deaths of about 2,112.
Globally, confirmed cases already topped 720,000.
The rise of Covid-19 cases in the US made US President Donald Trump extend the social distancing measures until April 30.
Trump earlier hoped for businesses to reopen by Easter or on April 12.
US Treasury Secretary Steve Mnuchin has also said that small business loan program will be in place in the coming week and that workers will be given support from the USD2-trillion stimulus package.
Japan Prime Minister Shinzo Abe plans to submit within 10 days an extra budget for cash aid and protect regional employment from the impact of another global downturn. (PNA)
