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Stocks gauge down, peso firm vs. dollar

The Philippine Stock Exchange index (PSEi) ended the week in the negative territory while the peso finished still on sideways against the US dollar.

The main stocks gauge shed 0.69 percent, or 45.15 points, to 6,494.81 points.

All Shares fell 0.40 percent, or 16.07 points, to 3,981.51 points.

Half of the sectoral gauges tracked the main index namely the Property, 1.43 percent; Holding Firms, 0.76 percent; and Industrial, 0.24 percent.

On the other hand, Mining and Oil rose by 1.92 percent, Financials by 0.07 percent, and Services by 0.003 percent.

Volume totaled 6.77 billion shares, amounting to P5.67 billion.

“Philippine shares closed lower as investors flock back to the US market following their strong bank earnings reports and positive economic data releases, signaling accelerating recovery in the world’s largest economy,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

The peso, meanwhile, continued to remain on a firm ground against the US dollar after closing the week at 48.38 from 48.44 a day ago.

It opened the day at 48.45 and traded between 48.45 and 48.34. This resulted in an average of 48.393. Volume reached USD950.11 million, higher than the previous session’s USD699.65 million.*PNA

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