The Philippine peso ended the week sideways at 50.765 from 50.8 against the US dollar while the main indexes rebounded as investors remain on wait-and-see mode on the real path of the US-China trade deal.
It opened at 50.72 and traded between 50.79 and 50.72. The average exchange rate for the day reached 50.765. The transaction volume decreased from USD 1.02 billion to USD 899.2 million a day ago, and the currency pair is expected to trade between 50.70 and 50.90 on Monday.
Sun Life Philippines Chief Investments Officer Michael Enriquez forecasts the peso to end the year at 51-level against the US dollar, while it is expected to average at 52.50 in 2020. “52.50 because if the government starts to spend again, it might have implications on the current account deficit,” he said in a briefing Friday.
The Philippines’ current account has been in deficit since 2017 as the country has imported more to address higher demand of the domestic economy.
Last year, CA deficit accounted for 2.4 % of domestic output.
The Philippine Stock Exchange index (PSEi) gained 0.14 %, or 10.81 points, to 7,801.72 points. All Shares also increased after it jumped by 0.12 %, or 5.33 %, or 4,645.96 points.
Most of the sectors ended in the red, except for the Property at 0.78 % and Holding Firms, 0.46 %.
Mining and Oil posted the highest drop at 0.86 %, and was trailed by the Financials (0.79 %); Industrial (0.77 %); and Services, (0.24 %).
Volume reached 468.04 million shares amounting to PHP5.7 billion.
Falling stocks edged gainers at 85 to 81, while 59 shares were unchanged.
From: PNA
