Peso rallies from intraday low of P50.30 to close at P50.21

February 28, 2017

The peso rallied from an intraday 10-year low of P50.30 to close at P50.21 against the US dollar on Tuesday.

On Monday, the peso closed at P50.27 after also reaching its lowest of P50.295.  Volume at the Philippine Dealing System on Tuesday rose slightly to $389.50 million from $366.60 million.

The Philippine Stock Exchange index reduced its losses to finish 20.38 points lower at 7,212.09. It was down by as much as 76 points at one stage.

Volume rose to 2.28 billion shares valued at P7.1 billion from Monday’s 826.84 millon shares worth P4.39 billion.

But foreign selling outweighed foreign buyers. Foreigners unloaded P4.36 billion worth of stocks while buying P3.59 billion,

Markets are waiting for the speech of US President Donald Trump where he is expected to spell out his policies. DMS