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Peso, stocks index move sideways

Both the local main stocks gauge and the peso ended sideways yesterday, partly on investors’ decision to stay on the sidelines at the start of the Federal Open Market Committee’s two-day policy meeting.

The Philippine Stock Exchange index slipped by 0.05 percent, or 3.38 points, to 6,973.35 points.

All Shares index also declined by 0.03 percent, or 1.08 points, to 4,221.890 points.

Most of the sectoral counters lost during the day, including the Mining and Oil, 1.97 percent; Industrial, 1.28 percent; Services, 1.03 percent; and Holding Firms, 0.57 percent.

The Financials index gained by 2.54 percent and Property by 0.58 percent.

Volume totaled 5.22 billion shares, amounting to P10.71 billion.

Gainers led losers at 111 to 96, while 53 shares were unchanged.

As of last March, FOMC officials expected interest rates to remain at their current zero to 0.25 percent level at least until 2023 as they continue to weigh the pace of economic recovery in the US.

The Fed is also expected to reduce its USD120 billion asset purchases starting in the third quarter this year, and economists said this will give a hint on the Fed’s rate decision.

Meanwhile, the peso ended the day at 48.09 from its 48.03 close the previous day.

It opened the day at 48.08 and traded between 48.19 and 48.05.

The average level for the day stood at 48.128.

Volume reached USD1.151 billion, down from the previous session’s USD1.158 billion.*PNA

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