The peso continued unchanged on Friday, however stocks declined anew as investors sold heavily following adjustments made in the benchmark index of MSCI. Local currency closed off at 51.70 compared to US dollar and on its strongest since finishing the trade at 51.675 last May 4th of 2018.
“The peso depreciated in the morning as market players factored in the latest GDP (gross domestic product) print from the US and ongoing geopolitical tensions in Asia, but it eventually returned to where it closed on Thursday amid tight peso liquidity as shown by the recent slowdown in money supply growth,” BPI Global reported.
Peso opening at the 51.860 level, touching an intra-day low of 51.7 and settled at that level by the close. Currency pair is projected to trade within the 51.7 to 51.9 range on Monday.
In the meantime, the benchmark Philippine Stock Exchange index (PSEi) ended the trade at 7,641.77, which is down by 0.83 percent or by 63.72 points.
Additionally, all counters also ended in the red, led by services, property, financials, and mining and oil which declined 1.08 percent to 1.56 percent. Volume gotten to 1.65 billion shares amounting to PHP8.47 billion. Decliners led gainers at 114 to 64, while 60 shares were left unchanged.