Peso gains slightly but still at 10-year lows
The peso gained on Wednesday but remained at 10-year lows as it closed at P50.23 against the US dollar.
On Tuesday, the peso closed at P50.25 after falling to an intraday 10-year low of P50.33.
The peso went past the psychological P50 to 1 level on Monday as it closed at P50.23, prompting the central bank to say on Tuesday it will act if “movements are disruptive or excessive.”
Volume declined to $355.30 million from the previous day’s $578.50 million.
Meanwhile, a late rally boosted the Philippine Stock Exchange index to 7,304.55 points, up 21.77 points. But at the broader market, decliners outnumbered advancers 101-88 with 52 decliners.
Volume was a low 1.07 billion shares worth P7.25 billion from Tuesday’s 1.83 billion shares valued at P5.73 billion.
Foreign selling reached P4.15 billion while foreign buying amounted to P3.15 billion.
The Philippine Stock Exchange, Inc. announced in its latest index review that Puregold Price Club, Inc. will become a PSE index (PSEi) member for the first time since listing in 2011.
Emperador, Inc. will be removed from the list of index components. These changes will take place on March 13, 2017, when the results of the index review covering trading activity from January to December 2016 takes effect . DMS