Stocks lose momentum but finish week higher

January 6, 2017

Stocks lost their momentum in the morning trading but the main index settled slightly higher in Friday's trading.

The Philippine Stock Exchange index, which was up close to 73 points at midday, gained 38.76 points to 7,248.20.  This is the first time in recent weeks that the stock market ended the week with the index finishing 5.96 percent higher.

The peso closed at P49.52 against the US dollar after it finished the morning session at P49.437. The Philippine currency ended on Thursday at P49.46.  Volume at the Philippine Dealing System declined to  $537 million from the previous day’s $879 million.

In a report, BDO said the peso’s strengthening came as the Fed “released its December minutes as it reads a gradual pace of tightening.” DMS