Home Business News Peso rises anew, local shares end rally

Peso rises anew, local shares end rally

By Joann Villanueva

 

MANILA — The Philippine peso further gained traction against the US dollar Tuesday but the main equities index ended its six-day rally due to mounting fears of a US strike on Iran.

The local currency finished the trade at 51.365 from Monday’s 51.39, which BPI Research attributed to the weakness of the US currency.

It opened the day’s trade at 51.33, better than its 51.45 start in the previous session.

It traded between 51.42 and 51.29, resulting in an average of 51.356.

Volume amounted to USD771.92 million, higher than USD732 million days ago.

The peso is seen to trade between 51.25 and 51.55 on Wednesday.

Meanwhile, the Philippine Stock Exchange index (PSEi) declined by 0.33 percent, or 26.49 points, to 8,034.09 points.

BPI Research pointed this to the geopolitical tension between the US and Iran.

This follows US President Donald Trump’s order of new sanctions against the Middle Eastern country, including the office of Supreme Leader Ayatollah Ali Khamenei, whom he accused of being “ultimately responsible for the hostile conduct of the regime.”

American officials also blamed the Iranian regime for shooting down a US drone in the Gulf last week.

With the heightened tension, investors stayed in the sidelines resulting in the negative close of some counters in the local bourse.

All Shares declined by 0.27 percent, or 13.54 points, to 4,909.00 points.

Two of the sectoral indices also finished on the red, namely Property, 1.60 percent, and Financials, 0.28 percent.

On the other hand, Mining and Oil increased by 2.55 percent and was followed by the Industrial, 0.36 percent; Services, 0.19 percent; and Holding Firms, 0.10 percent.

Volume reached 1.2 billion shares amounting to PHP6.58 billion.

Decliners led advancers at 102 to 97 while 56 shares were unchanged. (PNA)

5 COMMENTS

  1. 168875 978300I simply could not go away your site prior to suggesting that I in fact enjoyed the standard info an individual supply to your visitors? Is gonna be once more continuously in order to look at new posts 310224

  2. 127234 21593Thank you for the sensible critique. Me and my neighbor were just preparing to do some research on this. We got a grab a book from our area library but I think I learned a lot more clear from this post. Im extremely glad to see such excellent information being shared freely out there. 13719

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

MUST READ

GMA programs and personalities win ALTA Media Icon Awards

Several GMA shows and personalities won awards in the 5th ALTA Media Icon Awards of the University of Perpetual Help this year. Honored were Kapuso...

Tokyo praises Yulo’s ‘outstanding’ share to PH-Japan friendship

By Joyce Ann L. Rocamora   MANILA -- Gold medalist Carlos Yulo on Thursday received a commendation from the Japanese Embassy in Manila for his historic win...

PCSO donates 45 ambulances to gov’t hospitals, health facilities

By Christopher Lloyd Caliwan   MANILA -- The Philippine Charity Sweepstakes Office (PCSO) on Thursday turned over 45 new ambulance units to various government hospitals and health...

DepEd ‘strongly condemns’ slay try on Bukidnon teacher

By Joyce Ann L. Rocamora   MANILA -- The Department of Education (DepEd) on Thursday strongly condemned the shooting of Zhydee Bitago Cabañelez, an elementary teacher at...

PH soldiers bag silver medal in UK Cambrian Patrol

By Priam Nepomuceno   MANILA -- Eight Philippine Army (PA) Scout Rangers, who participated in the United Kingdom's Exercise Cambrian Patrol 2019 (Ex CP 2019) held in...