Quick News Bit

Peso up on stock market’s gains, decline in infections – BusinessWorld Online


THE PESO strengthened versus the greenback on Wednesday following gains in the stock market and the continued decline in coronavirus infections.

The local unit ended trading at P50.34 per dollar on Wednesday, appreciating by 25 centavos from its P50.59 close on Tuesday, based on data from the Bankers Association of the Philippines.

The peso opened Wednesday’s session stronger versus its previous finish at P50.57 per dollar. Its weakest showing was at P50.62, while its intraday best was at its close of P50.34 against the greenback.

Dollars exchanged dropped to $909.4 million from $1.24 billion on Tuesday.

The peso appreciated as the stock market posted gains, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The benchmark Philippine Stock Exchange index rose by 17.94 points or 0.24% to end trading at 7,419.10 on Wednesday.

However, the broader all shares index dropped by 2.10 points or 0.05% to close at 3,935.54.

Meanwhile, a trader said the decline in infections also boosted market sentiment.

Active cases increased by 890 to 17,864 on Wednesday, based on data from the Department of Health. This represents a positivity rate of just 0.6%.

For Thursday, both Mr. Ricafort and the trader gave a forecast range of P50.25 to P50.45 per dollar. — LWTN

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment