PSEi posts new record high; peso slips ahead of GDP report

MANILA — Investors’ confidence on the local equities market boosted the main index to a new high while the peso slid against the US dollar Monday, with both developments attributed to anticipations on the growth report for the domestic economy for the last quarter and full year 2017.

The Philippine Stock Exchange index (PSEi) ticked up by 0.39 percent, or 34.70 points, to 8,950.62 points.

Data released by the PSE showed that the latest PSEi close was an improvement from its previous all-time high close of 8,923.72 points hit last Jan. 9.

The main gauge also posted on Monday its new record intraday high of 8,975.12 points, higher than the 8,969.18 points registered last January 16.

The Philippine Statistics Authority (PSA) is scheduled to release the gross domestic product (GDP) report on Tuesday.

A trader said investors are anticipating a good turnout for the last quarter of last year after the third quarter level was revised up to seven percent from 6.9 percent previously.

Growth in the third quarter of last year was higher than the 6.7 percent in the previous three months while average GDP stood at 6.7 percent.

The government’s growth target for last year ranged between 6.5 percent and 7.5 percent.

The broader All Shares tracked the main index after it rose by 0.43 percent, or 21.94 points, to 5,173.01 points.

However, sectoral indices were mixed with Services rising by 1.10 percent followed by Property, 0.51 percent; Holding Firms, 0.41 percent; and Industrials, 0.14 percent.

Mining and OIl and Financials, meanwhile, fell by 1.14 percent and 0.06 percent, respectively.

Volume during the day reached 890.17 million shares amounting to PHP8.14 billion.

Losers led gainers at 128 to 99 while 52 shares were unchanged.

The peso, on the other hand, finished the week’s first trading day down by PHP0.11 to 50.835 from last Friday’s 50.72, which a trader attributed also to high corporate demand for the greenback.

It opened the day almost unchanged at 50.74 against the previous session’s 50.72 start.

It traded between its opening level and 50.90 resulting to an average of 50.80.

Volume during the day amounted to USD508.6 million, up from the USD459.2 million at the end of last week.

The currency pair is seen to trade between 50.70 and 50.90 Tuesday. (PNA)