MANILA – Risk-on sentiments continued to buoy the Philippine peso on Monday but the main stocks index slipped anew and ended the week’s first trading day below the 6,000-level.
The local currency finished the week’s first trading day at 48.62, sideways from its 48.68 close last Thursday.
There was no trading on Friday due to the Ninoy Aquino Day, a national holiday.
It opened the day at 48.66, also sideways from the previous session’s 48.61, trading between 48.69 and 48.62 and resulting in an average of 48.651.
Volume totaled USD481.8 million, lower than the USD788.66 million during the last trading day last week.
Meanwhile, the Philippine Stock Exchange index (PSEi) fell by 1.03 percent, or 61.82 points, to 5,943.58 points.
All Shares contracted by 0.91 percent, or 32.49 points, to 3,540.57 points.
It was a balance among the sectoral gauges, with Property, Holding Firms, and Financials down by 2.53 percent, 1.24 percent, and 0.81 percent, respectively.
The Mining and Oil counter posted the highest increase among sectoral indices with a jump of 1.6 percent and was followed by Industrial, 0.84 percent, and Services, 0.23 percent.
Volume totaled 2.28 billion shares amounting to PHP10.27 billion.
Losers led gainers at 112 to 72, while 59 shares were unchanged.
“The PSEi fell once again as Sino-US relations continue to be mixed with Pompeo saying that China has promised to follow the Phase One trade deal but Trump (was) quoted in (an) interview that the two countries could ‘decouple’,” said Luis Limlingan, Regina Capital Development Corp. head of sales.
In an interview over CNBC last week, US Secretary of State Mike Pompeo said China vowed to honor the compromise under the Phase One deal amid the delay in the talks to review the progress of the pact.
However, US President Donald Trump was quoted as saying that a decoupling with China is possible if the latter “don’t treat us right.” (PNA)
