PSEi sustains rise, peso recovers vs dollar

THE peso finished stronger against the dollar Tuesday.

MANILA — Hints of any effect of the martial law declaration in Mindanao Tuesday night have been erased in both the local currency and the main stocks index after both posted gains Thursday.

The peso recovered and finished the day at 49.83 from 49.99 Wednesday, which a trader said was expected after investors’ knee-jerk reaction Wednesday.

The trader said the country continues to have solid macro-economic fundamentals and investors continue to see this amid some peace and order issues in Mindanao.

Statements from various business groups supporting the government’s decision to fight terroristic activities indicate that investors’ sentiments on the domestic economy remain intact, the trader said.

For the day, the local unit opened little changed at 49.92 from 49.95 a day ago.

It traded between 49.82 and 49.95, resulting to an average of 49.87, way better than the 49.96 in the previous session.

Volume of trade reached $551.5 million, lower than the $582.4 million Wednesday.

The currency pair is seen to trade between 49.80 and 50.00 Friday.

The Philippine Stock Exchange index (PSEi) rose 0.43 percent, or 33.83 points, to 7,871.65 points.

All Shares followed with a 0.47 percent, or 21.90 points, increase to 4,693.39 points.

It is still a mixed result for the sectors with Services and Property rising by 3.26 percent and 1.05 percent, respectively.

Industrial, on the other hand, fell 0.34 percent as well as Holding Firms, 0.18 percent, and Financials and Mining and Oil, both of which declined by 0.10 percent.

Volume for the day reached 1.06 billion amounting to P6.5 billion.

Gainers surpassed losers at 103 to 84 while 53 stocks were unchanged. Joann S. Villanueva/PNA