The Philippine Stock Exchange Index (PSEi) ended higher Thursday but the peso weakened against the US dollar due in part to the negative print of the first quarter production of this year’s domestic economy. The index of main equities increased to 5,653.16 points by 0.25 percent, or 13.89 points. All Shares, on the other hand, decreased to 3,413.88 points by 0.06 percent, or 2.17 points.
It was a combination between the industries, with property, finance, and holding firms rising by 1.75%, 0.26%, and 0.19%, respectively.
Services dropped by 1.65%; Mining and Oil dropped by 1.28%; and Manufacturing, 0.93%.
A total volume of 477.9 million shares amounted to PHP4.9 billion.
Decliners led advances to 112-63, while 42 shares remained unchanged. The Philippine peso ended sideways against the US dollar on Wednesday but the key stock index ended in a negative territory.
The local currency finished trading the day at 50.46 from 50.52 near Tuesday. In the meantime, the peso finished the day from 50.46 to a US dollar Wednesday at 50.56. It opened the day a day ago at 50.54, sideways from its start of 50.61. It traded between 50.57 and 50.48 and averaged 50.514.
Volume totaled USD558.39 million, over the previous session’s USD539.19 million.
Owing to the effects of coronavirus disease (Covid-19), a trader attributed the peso’s close to the news about contraction of domestic development in the first quarter of this year.
The government announced a contraction of 0.2 percent in gross domestic product (GDP) in the first quarter, the first time after 84 consecutive quarters of growth or since the fourth quarter of 1998.
Growth in the last quarter of 2019 stood at 6.4 per cent, compared to 5.6 per cent in the year-ago period.