MANILA, Aug 28 (PNA) — The government on Friday reported an improvement in Philippines’ output but the peso and the local bourse posted losses after investors took profit.
The Philippine Stock Exchange index (PSEi) ended several days of upswings after it declined by 0.83 percent or 59.76 points.
Most of the sectoral indices tracked the main index led by the property with 1.44 percent or 39.04 points cut to 2,664.77 points.
Only the mining and oil index posted gains after rising by 0.33 percent or 57 points to 17,494.80 points.
Trading remained robust after reaching 1.37 billion amounting to P10.43 billion.
Losers led gainers at 111 to 71 while 47 were unchanged.
BDO lead strategist Jonathan Ravelas, in an SMS to PNA, projects the local stock market to stay within 7,000 to 7,200-level next week.
Relatively, the peso ended sideways at 43.71 from 43.66 finish Wednesday.
”The data was good but it seems that the market took that as an opportunity to capitalize on their gains,” Ravelas said.
The local currency started the day at 43.61, way better than the 43.76 a day ago.
It further gained strength in the morning trade after hitting 43.55 but weakened in the afternoon trade to 43.74.
This brought the day’s average to 43.64, sideways but with a bias on the stronger side compared to the 43.69 a day ago.
Volume of trade reached USD 807.7 million, higher than the USD 687.6 million a day ago.
Ravelas expects the peso to trade between 43.60 and 43.90 next week. (PNA)