Peso averaging P51.22:$ during midday trade

The US dollar on Tuesday midday trading was dealing between P51.17 and P51.28 with the weighted average of P51.22. Volume was at $316 million. The Philippine peso opened at 51.17 against the US dollar, higher than last Monday’s 51.24 close despite of the political uncertainties in the Arroyo administration. Dealers said the peso appreciated due to the low-budget deficit of the Philippine government’s remittances from the Overseas Filipino Workers. At the stock market, main index retreated .77 points or .0363 percent at 2, 120.99. The broader all shares however, advanced at .50 points or .0384 percent at 1, 302. Other sub-indices including Financials, Industrial, Property, Services and Mining & oil were down dipped while Holding firms sub-indicator increased. SM Investments Corporations was the most active at P6 at P223 a share. The Philippine Long Distance Telecommunications was dipped P5.00 and hit high at 1,835 per share. Globe Telecommunications ended at P50.00 at 830 shares. Ayala Corporations ended P50.00 at the best price of 345 per share. Gainers outnumbered losers at 36 to 34 while 62 shares unchanged.-GMANews.TV