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Main index to continue quest to eclipse 7,200 – The Manila Times
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PH shares index trims losses as 2020 ends – The Manila Times
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December 27, 2020 | 11:40 pm Font Size
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THE PESO is expected to move sideways in the last trading week of 2020 amid the holidays and on expectations that next year’s budget will be signed on Monday.
The local unit closed at P48.07 per dollar on Wednesday, appreciating by 2.5 centavos from its P48.095 close on Tuesday, data from the Bankers Association of the Philippines showed.
Week on week, it rose by 1.5 centavos from its P48.085-a-dollar finish on Friday. Financial markets were closed on Dec. 24 and 25 for the Christmas holidays. Trading sessions will resume on Monday.
The peso will likely move sideways or strengthen further as the markets expect more remittances to come in from overseas Filipino workers (OFWs) in time for the holidays according to Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort.
December 27, 2020 | 11:30 pm Font Size
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PHILIPPINE shares are expected to trade sideways this trading week as investors book profits while waiting for updates on the new strain of the coronavirus disease 2019 (COVID-19), which hit the United Kingdom (UK) earlier this week.
The bellwether Philippine Stock Exchange index (PSEi) closed Wednesday’s session at 7,204.38, higher by 1.99 points or 0.027% than the previous trading day.
Week on week, the benchmark index inched down 0.84% or 68 points.
The market’s average value turnover slid 14.1% week on week to P8.5 billion, while average net foreign selling decreased 31.9% week on week to P510 million.
Darren Blaine T. Pangan, head of online trading at Timson Securities, Inc., said that updates on the new COVID-19 strain and the government’s decision to extend the ban on travel from the UK for two more weeks might lead to more profit taking during the last two trading days of the year.
More Filipinos go for higher-yielding investment options
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