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Bacolod City, Philippines Saturday, September 30, 2017
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Peso, PSEi finish week with gains

Volatility in the financial market continues to affect the Philippines' financial markets but on a positive note with equities market recovering amid foreign selling and the peso improving against the greenback.

The Philippine Stock Exchange index (PSEi) recovered anew and rose 0.19 percent, or 15.39 points, to 8,171.43 points.

The broader All Shares ticked up by 0.48 percent, or 23.10 points, to 4,841.35 points.

It was a balance for the sectors with Services, Industrial, and Property rising by 1.50 percent, one percent, and 0.05 percent, respectively.

On the other hand, the Mining and Oil shed 0.62 percent followed by the Financials, 0.10 percent; and Holding Firms, 0.10 percent.

Volume for the day reached 9.916 billion shares with volume surging to PHP73.73 billion.

Gainers led losers at 131 to 77 while 48 stocks were unchanged.

The peso gained PHP0.165 to a US dollar and finished the week at PHP50.815 from PHP50.980 a day ago.

It opened the day at PHP50.88, better than the PHP51.05 Thursday.

It traded between PHP50.90 and PHP50.76 bringing the day's average to PHP50.83.

Volume of trade reached USD740.3 million, lower than the USD881.5 million a day ago.

Meanwhile, higher prices of domestic oil products and rice are seen as factors to the possible uptick of Philippines' rate of price increases in September 2017 to between 2.8-3.6 percent.

In a statement yesterday, the Bangko Sentral ng Pilipinas' (BSP) Department of Economic Research (DER) said the higher electricity rate in areas being serviced by the Manila Electric Company (Meralco) and weakness of the peso against the US dollar were also "seen to contribute to upward price pressures for the month."

"Nonetheless, the Staff's assessment indicates that average inflation for 2017 will remain within the government's inflation target of 3.0 percent +/- 1.0 percentage point," it added.

Last August, inflation rose to 3.1 percent from month-ago's 2.8 percent due to faster increases in several indices such as alcoholic beverages and tobacco; housing, water, electricity, gas and other fuels, and transport among others.

In the first eight months this year, inflation averaged at 3.1 percent, slightly above the government's two to four percent target for the year.

The central bank's average inflation forecast this year is 3.2 percent. *PNA

 

 

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