PSEi posts another record-high, peso down

By Joann Santiago

MANILA, Feb 9 (PNA) — The local bourse ended Monday’s trade at another record-high despite the weakening of the Philippine peso.

The Philippine Stock Exchange index (PSEi) gained 0.70 percent or 54.39 points to 7,782.57 points, which PSE President and CEO Hans B. Sicat attributed to investors’ confidence in the domestic economy.

The main index’ previous record-high close is at 7,728.18 points achieved last February 5.

Relatively, the PSEi also registered a new intra-day high of 7,786.78 points exceeding the record set last February 4 at 7,738.12 points.

Since the start of the year, the PSEi has risen by 7.6 percent or 552 points.

Sicat said “investor confidence in our local market remains strong as shown by the continuous market rally despite the downward trend in the region.”

He noted that “expectations of positive listed company annual income results and untouched key policy rates in coming days fuel the upbeat market performance.”

”Given this favorable backdrop, we hope that the new levels reached would become the springboard for a more resilient market even as global uncertainties persist,” he added.

Most of sub-indices posted gains led by the holding firms with 0.70 percent or 47.90 points to 6,867.00 points.

The other gainers are the all shares, financials, industrial, and property.

On the other hand, the services and mining and oil indices ended the day on the red.

Volume of trade reached 3.28 billion amounting to Php 9.57 billion.

Losers led gainers at 123 to 60 while 41 were unchanged.

On the other hand, the peso shed P0.20 after finishing the week’s first trading day at 44.35 from the 44.15 last Friday.

A trader said the increase in US’ initial jobless claims last January was a negative for the dollar but it was countered by the rebound in the prices of crude oil prices last week.

Another plus factor for the dollar is the granting of emergency funding by the European Central Bank (ECB) to Greece amounting up to USD 68.5 billion to prevent Greek banks from defaulting.

A trader said this factor made investors chose the safer haven, the dollar, resulting to the weakening of the peso among others.

It opened the day at 44.30, a drop from the 44.12 in the previous trading.

It traded between 44.37 and 44.26 bringing the day’s average at 44.31.

Volume of trade reached USD 721.3 million, higher than the USD 544.5 million previously.

For Tuesday, the peso is seen to trade between 44.20 and 44.40. (PNA)