The peso opened at P50 against the dollar and closed only a shade above that at P49.98 on Thursday, apparently due to a remark from US Fed chairman Janet Yellen that steady rate hikes may be needed.

On Thursday, the peso closed at P49.79. The peso last finished above P50 against the dollar in 2006. Volume at the Philippine Dealing System reached $560 million from $557 million Thursday.

The Philippine Stock Exchange index gained 89.72 points higher to 7,246.08. Volume reached 2.13 billion shares valued at P5.86 billion from Wednesday’s 1.53 billion shares worth P4.98 billion.

Foreign selling amounted to P3.35 billion compared to foreign buying of 2.97 billion.

On Wednesday, volume reached 1.53 billion shares valued at P 4.98 billion. Foreign buying amounted to P2.87 billion and foreign selling hit P2.84 billion. DMS