Philippine News Agency
Peso, stocks sustain gains
The Philippine peso closed sideways at P50.50 against the US dollar on Thursday, maintaining its gains.
This movement was attributed to investor optimism following Fitch Ratings' upgrade of the Philippines' 'BBB' rating outlook from stable to positive.
The peso traded between P50.43 and P50.59, with a daily average of P50.504.
Trading volume for the peso increased to $1.11 billion.
The Philippine Stock Exchange index (PSEi) improved by 0.27 percent to close at 7,403.12 points.
The peso is expected to range between P50.40 and P50.70 against the US dollar on Friday.
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The Philippine peso closed flat on Monday, February 17, 2020, while the stock market experienced a rise, despite ongoing concerns about the novel coronavirus (COVID-19).
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The Philippine peso strengthened against the US dollar on Wednesday, closing at 50.57 from 50.695 a day ago, buoyed by reports of a slowdown in new Covid-19 cases in China and an upgrade in Fitch Ratings' outlook for the Philippines.
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The Philippine Stock Exchange index (PSEi) and the peso closed higher on Thursday, February 6, 2020, driven by improved investor sentiment and expectations of a policy rate cut.
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The Philippine Stock Exchange index (PSEi) gained 0.27% to close at 7,403.12 on Thursday, bucking mostly sluggish markets in the region.
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Philippine stocks are anticipated to trade sideways this week as concerns surrounding the novel coronavirus (nCoV) begin to ease and corporations start releasing their earnings reports.
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