Peso surges vs. USD; PSEi down

November 27, 2017 - 9:03 PM
File photo of Philippine peso bills from Philippine Star.

MANILA – Latest Senate discussion on the proposed tax reforms boosted the Philippine peso Monday while some profit-taking led the main stocks gauge to dip slightly.

The peso finished the day at 50.51 from 50.72 Friday last week, which a trader traced to the weakness of the US dollar over concerns on the path of tax reform measures in the US.

It opened the day at 51.71 from the previous session’s 50.65 and traded between 50.74 and its closing level, resulting in an average of 50.64 for the day.

Volume reached USD655.06 million, lower than the USD751.65 million at the end of last week.

On the other hand, the Philippine Stock Exchange index (PSEi) shed 0.04 percent, or 3.42 points, to 8.361.69 points.

The broader All Shares also declined after it fell to 4,888.32 points, down 0.02 percent, or 0.80 points.

Two of the sectors followed the dip of the PSEi, namely Industrial by 1.04 percent and Financials by 0.82 percent.

Most of the sectors gained, led by Mining and Oil, 1.42 percent; followed by Property, 0.29 percent; Holding Firms, 0.27 percent; and Services, 0.20 percent.

Volume for the day reached 1.23 billion shares amounting to PHP6.35 billion.

Decliners led gainers, 102 to 96, while 46 shares were unchanged.