PSEi sustains improvement Monday, peso ends sideways vs. USD

MANILA, Aug 4 (PNA) — The local bourse sustained its gains Monday and the Philippine peso recovered after depreciating Friday.

The Philippine Stock Exchange index (PSEi) further gained by 1.51 percent or 104.14 points to end the day at 6,998.37 points.

All the other indices followed the main index led by the mining and oil with 2.37 percent or 396.45 points to 17,125.33 points.

Volume of trade reached 2.31 billion amounting to P10.52 billion.

Advancers led losers at 122 to 55 while 46 were unchanged.

Relatively, the local currency ended the week’s first day of trading at 43.72, sideways from the 43.77 at the end of last week.

A trader said the US dollar continued its strength partly on back of the latest cut in the Federal Reserve’s stimulus program to USD 25 billion.

Foreign buying in the equities market also buoyed the peso enabling it to end the day at a better level compared to last week.

The peso opened the trade weaker at 43.73 from 43.65 in the previous trading.

It was able to improve to 43.65 but also dipped to 43.74 bringing the day’s average at 43.70.

Volume of trade reached USD 512.4 million, lower than the USD 883.7 million at the end of last week.

For Tuesday, the local unit is projected to trade between 43.70 and 43.90. (PNA)