Peso still lower at P51.69

The peso closed at P51.69 against the US dollar on Thursday lower than Wednesday’s P51.58 close. The Philippine currency opened at P51.59 per US dollar with the weighted average of P51.62 At the mid-day trading, the US dollar was dealing between P51.555 and P51.72 and the Volume has reached $474.5 million The Philippine Stocks Exchange reported that the main index advanced at 2.33 points or .1123 percent at 2, 076.42. The broader All shares index was down .74 points or .0577 percent at 1,281.35. Financials was up 3.93 points or .615 percent at 642.94. Industrial advanced 5.42 points or .1749 percent at 3,104.27. Holding firms was down 4.11 points or .4014 percent at 1,019.14. Property was up 4.41 points or .509 percent at 861.96. Services index was up 1.16 points or .1175 percent at 988.46. Mining & Oil was down 38.21 points or 1.3002 percent at 2, 900.49. Globe Telecom traded higher than the Philippine Long Distance Company at P15.00 or 1.99 percent of 65,640 shares at 770 per volume. PLDT lowered by P10 at P1,760. Dealers said the strengthened percentage value of Globe Telecom was gained because of the bargain-hunting inspired by Morgan Stanley’s recent reaction towards the two telephone companies. On February 7, Morgan Stanley noted that it preferred Globe rather than PLDT after some valuation differentials in the stocks. Globe was given an "overweight" rating while PLDT was demoted in its rating to "equal weight." Meanwhile, some economists warned the Philippine government on Wednesday to bring back the peso-dollar exchange rate to its previous level because it might be risky with the Philippine export product’s competition. Based on the record of the Philippine Dealing System, the peso steadily gained against the US dollar. January ended with the peso closing at P52.l7 after peaking at P52.12; February opened with the peso closing at P52.09 after peaking at P52.05. On February 2, the peso closed at 52 per dollar. Economists said in order for the economy to grow, the government must maintain the peso value of P55 or P56 against the US dollar. It was six months ago when the peso ranged at P56 against the greenback.-GMANEWS.TV