PSEi ends week up, peso sideways

MANILA, Aug. 22 (PNA) — The Philippine Stock Exchange index (PSEi) ended the week with gains and the peso was almost unchanged amid the wait-and-see stance of investors vis-à-vis the Jackson Hole meeting.

The PSEi increased by 0.52 percent or 36.60 points to 7,133.09 points, which is its fourth consecutive positive close and the first time since the index ended above the 7,100-level since May 29, 2013.

This resulted to a generally positive trading for the day and gainers among the sectoral counters was led by the holding firms, which rose 0.99 percent or 61.56 points to 6,279.85 points.

Only the mining and oil ended the week with losses after it fell 0.72 percent or 125.39 points to 17,245.92 points.

Volume of trade reached 1.18 billion amounting to P10.86 billion.

Gainers led losers at 83 to 79 while 66 were unchanged.

There will be no trading Monday next week for the commemoration of the National Heroes’ Day.

The trader said among the factors that would play during next week’s trading is the anticipations regarding the Philippines’ second quarter growth, which the government will release on Thursday.

Some analysts expect the domestic economy to improve after slowing to 5.7 percent in the first three months of the year, which in turn was due to the impact of calamities that hit the country in the last quarter of 2013.

Relatively, the peso ended the day at P43.835 from P43.830 at the end of last week.

A trader said there was range trading during the day but it was similar to other peers in the region.

”Markets were cautious because of the Jackson Hole meeting,” a trader told PNA in an interview.

Most of the world’s most powerful financial players will attend the annual conference in Jackson Hole, Wyoming from August 21-23 and the trader said markets are watching and awaiting what Federal Reserve chairman Janet Yellen would talk about during her speech.

Thus, the local currency started the day at P43.80, sideways from P43.76 in the previous trading.

It traded between P43.87 and P43.75 bringing the day’s average to P43.80.

Volume of trade reached US$ 964.9 million, slightly higher than the US$ 802.6 million previously.

Next week, the peso is expected to trade between P43.70 and P44.00. (PNA)