PSEi recovers; peso dips on US tax reform dev’t

FILE: Philippine Stock Exchange index (PSEi) (PNA PHOTO)

MANILA — The Philippine Stock Exchange index (PSEi) recovered Friday after a four-day slip and the peso finished the week little changed against the greenback on positive reports on the proposed tax reforms in the US.

The main equities index rose to 8,311.98 points, up 1.27 percent or 104.64 points.

All Shares followed with a 0.81 percent, or 39.14 points, increase to 4,873.82 points.

Most of the sectors also finished the week up, led by Property which rose 1.44 percent.

Holding Firms increased by 1.39 percent, Industrial by 0.88 percent, Services by 0.64 percent, and Financials by 0.44 percent.

Only the Mining and Oil finished on the red after it fell 0.89 percent.

Volume for the day totaled to 7.28 billion shares amounting to PHP5.63 billion.

Advancers led decliners at 98 to 91 while 56 shares remained unchanged.

The peso finished the day at 50.95 from 50.90 Thursday, which a trader said is against the performance of currencies in the region.

A trader pointed it to US House Republicans’ decision to pass the proposed tax reform that cut tax on individuals and businesses.

The local unit opened the day at 50.80, way better than the 51.00 a day ago.

It traded between 50.74 and 50.97, resulting an average of 50.81.

Some USD719.6 million changed hands, down from the USD885.1 million a day ago.

The currency pair is seen to trade between 50.00 and 50.30 next week. (PNA)