Peso gains, stocks drop on trade concerns
MANILA -- Risk aversion remained high on account of the US-China trade issues but the Philippine peso managed to end the week up against the greenback while the main equities gauge ended in the red.
The local currency finished the week at 52.44 from the previous day's 52.545 close, which a trader pointed to dollar weakness as a result of trade-related concerns.
It opened the day weaker at 52.55 from 52.35 a day ago.
It traded between 52.55 and 52.37, bringing the day's average to 52.467.
Volume reached nearly USD1.4 billion, lower than the USD1.66 billion a day ago.
The peso is seen to trade between 52.30 and 52.50 on Monday.
On the other hand, the Philippine Stock Exchange index (PSEi) slipped for the second consecutive day after it fell 0.42 percent, or 32.88 points, to 7,795.98 point ...
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