By Joann Santiago
MANILA, Aug. 29 (PNA) — The Philippine peso recovered to a US dollar after dipping a day ago while the local bourse ended the week on the red still on back of worries on further easing in European Central Bank’s (ECB) policy rates.
The peso regained P0.12 and ended the day at P43.59 from P43.71 a day ago, which in turn is a drop despite the report about the improvement in the Philippines economy in the second quarter of 2014 to 6.4 percent.
A trader said investors’ profit-taking Thursday was short-lived on lingering concerns in Europe, which is projected to increase inflows to emerging markets like the Philippines.
The local currency opened the day at P43.72, weaker than the P43.61 a day ago.
It surged to P43.58 but also moved to P43.73.
This brought the day’s average to P43.66, sideways from the P43.64 a day ago.
Volume of trade reached US$ 845.5 million, slightly higher than the US$ 807.7 a day ago.
For next week, the peso is expected to trade between P43.70 and P44.00 to a dollar.
On the other hand, the Philippine Stock Exchange index (PSEi) remained at 7,000-level but weakened by 0.70 percent or 49.81 points to 7,050.89 points.
Half of the sectoral counters followed the main index and these were led by the holding firms with 1.60 percent or 99.99 points to 6,150.12 points.
The other indices that posted decline are the industrial and financials.
On the other hand, the mining and oil index led those that posted improvements. It rose by 0.62 percent or 108.35 points to 17,603.15 points.
This was tracked by the property and services index.
Volume of trade reached 1.92 billion amounting to P32.55 billion.
Losers led gainers at 111 to 67 while 44 were unchanged. (PNA)