Oliver Bugarin 7 0 0 3 min to read

The peso ends sideways at 57 levels as stocks rebound.

On Tuesday, local stocks rose, but the peso remained flat, ending the day at 57 pesos to the US dollar, down for the third day in a row.

The PSEi, the index for the Philippine Stock Exchange, increased by 9.24 points, or 0.26 percent, to 3,550.95 points.

All Shares, however, fell 2.79 points, or 0.17 percent, to 1,627.28 points.

The majority of the sectoral indexes followed the primary index, with Mining and Oil leading the pack after rising by 2.49 percent.

Property, Holding Firms, and Services all lagged behind it by a combined 1.22 percent, 0.90 percent, and 0.51 percent.

However, Industrial and Financials both experienced declines of 0.44 and 0.17 percent, respectively.

562.76 million shares, or a paltry PHP4.69 billion, were traded.

In the meantime, the peso dropped from 56.999 on Monday to 57.00 at day’s end, a new low.

Little has changed since it was 56.85 yesterday as it started the day at 56.888.

It fluctuated between 57.00 and 56.86, averaging 56.95.

Volume fell from USD976.45 million in the prior session to USD812.19 million.

The lower-than-expected inflation rate in August, according to Michael Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), which the Philippine Statistics Authority (PSA) reported on Tuesday decelerated to 6.3 percent from 6.4 percent in the prior month, caused the peso to close sideways.

He claimed that daytime price reductions on domestic fuel also helped the local currency.

The predicted range for the local currency on Wednesday is 56.85–57.05 to the US dollar.


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