Shares end mixed, peso up

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    Share prices ended flat Monday due to lack of stronger leads to trade the market.
    The Philippine Stock Exchange index (PSEi) was up 5.3 points to 7,024.48, a 0.08 percent hike.

    The broader all shares index was up 16.77 points to 4,232.57, a 0.37 percent hike.
    Gainers edged losers 122 to 99 with 44 stocks unchanged. Trading turnover reached P10.43 billion.

    The peso closed at 48.046 to the dollar, up from 48.07 on Friday.
    The currency opened at 48.055 and hit a high of 48.04 and a low of 48.06. Trading turnover reached $513.05 million.

    Reuters reported most emerging Asian currencies strengthened against the dollar on Monday as the greenback nursed losses following disappointing US jobs data, while stocks climbed in subdued trade ahead of the Lunar New Year holiday.

    The dollar index weakened against a basket of six major currencies, after falling 0.6 percent on Friday, as data at the end of last week showed the US economy created fewer jobs than expected in January.

    The Thai baht, South Korean won, Indonesian rupiah and the Malaysian ringgit gained between 0.1 percent and 0.5 percent.

    “Going forward, the dollar index will likely rebound along with the rising 10-year US treasury yield, considering the US economic recovery and US President Joe Biden’s $1.9 trillion coronavirus relief package, said Gao Qi, FX strategist for EM Asia at Scotiabank.

    “Meanwhile, EM Asian currencies are expected to continue benefiting from improving risk sentiment. It means we could see the dollar’s divergent performance versus EM Asian currencies including the CNY, CNH and INR in the coming weeks”, he added.

    The Taiwan dollar, best performing currency in the region so far this year, added over 1 percent despite the central bank’s attempts to crackdown on speculation of the currency.
    SB Equities Inc. said the market bucked global advance despite a legislative bill for additional fiscal stimulus filed at the (US) Lower House “as investors took a breather from last week’s strong rebound while remaining cautious over escalating domestic inflation.”

    Investors are also on a wait-and-see mode ahead of the MSCI rebalancing, bi-annual PSE composition review, and Monetary Board policy meeting later in the week, it said.

    Most actively traded Dito CME Holdings Corp. was up P1.86 to P16.40. Metropolitan Bank and Trust Co. was up P2 to P49.45. AC Energy Corp. was up P0.53 to P7.75. BDO Unibank Inc. was up P2.10 to P111.10. Converge Information and Communication Technology Solutions Inc. was up P0.92 to P18.12. Ayala Land Inc. was up P0.80 to P0.213. Bank of the Philippine Islands was up P2.15 to P86.10. SM Investments Corp. was down P19 to P1,020. SM Prime Holdings Inc. was down P0.90 to P37.46.