Peso opens weaker, but recovers to close at P50.22

June 23, 2017

The peso opened at an intraday low of P50.38 to the US dollar but rallied to close slightly higher on Friday even as it remained below the P50 level. The peso closed P50.220 from Thursday's P50.345. Volume at the Philippine Dealing System went down to $557 million from $802.4 million during the previous day. Stocks lost ground. The Philippine Stock Exchange index ended 44.17 points higher to 7,814.17. In the broader market, there were 100 gainers, 98 decliners and 48 unchanged. Volume reached 1.77 billion shares worth P6.9 billion. Foreigners were net sellers, with P3.44 billion comparing to buying of P3.07 billion. Lorenzo Shipping bucked the trend, by ending 49.54 percent higher to P1.63 and Mabuhay Holdings rose 11,39 percent to P0.440. Most active shares were led by Meralco, which closed unchanged at P261 but drew the day's highest turnover of P411 million. Other actively traded issues include SM Prime lost 2.5 percent to P33.20 and Melco, down 4.29 percent to P9.38. DMS