Peso closes stronger at P51.14: U.S.$1

The Philippine peso on Tuesday beat an up-to-the-minute strength as it closed at P51.14 against the US dollar over Monday’s P51.24 close. The greenback was traded between P51.13 and P51.28 and the Volume was at $602 million. The currency opened high at P51.17 compared to yesterday’s close. At midday, the dollar was dealing between P51.17 and P51.28 with the weighted average of P51.22 while the Volume reached $316 million. Dealers said the peso triggered its increase due to the low budget deficit of the Philippine government’s remittances from overseas Filipino workers. The Philippine Stocks Exchange (PSE) reported the 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. Globe Telecommunications ended at P50.00 at 830 shares. The Philippine Long Distance Telecommunications was dipped P5.00 and hit high at 1,835 per share. Ayala Corporations ended P50.00 at the best price of 345 per share. Gainers outnumbered losers at 36 to 34 while 62 shares unchanged. Meanwhile, the PSE said the management changed their 30-company benchmark index into a free float capitalization rather than a full capitalization in the market on April 3. Under free float capitalization, companies were required to present a one- percent of their issued capital that would be transparent for the public. The board also decided to rename the index into “PSEi," which currently known as PSE composite index. However, PSE president Francis Lim said the approval of the free float condition would encourage more companies to increase their free float shares or shares freely available to the public. This notion is designed to enhance liquidity in the market, which should increase the level of transactions. In specific case, the performance level of the peso would also boost its greatest value.-GMANews.TV>