Foreign buying in local equities buoys PHL peso

The Philippine peso strengthened against the US dollar for the second consecutive trading day on Thursday.

The local currency gained 6.5 centavos to close at P51.835:$1 versus Wednesday's finish of P51.9:$1.

"Flows were coming from the stock market with the continued net foreign buying at the local equities market today ahead of the Holy Week," a foreign exchange trader from a local bank said in a phone interview.

Data from the Philippine Stock Exchange (PSE) showed that foreign funds bought P4.553 billion of shares during the session and sold P3.433 billion, for a net buying position of P1.120 billion.

There will be no trading on Thursday and Friday next week, April 18 and 19, in commemoration of Maundy Thursday and Good Friday. — Jon Viktor D. Cabuenas/RSJ, GMA News