Peso stronger, shares end trading week higher


Posted at Apr 12 2017 06:20 PM

MANILA - Philippine shares ended the trading week higher while the peso continued to gain heading into the Holy Week break.

Despite concerns about geopolitical tensions in Asia, the Philippine Stock Exchange gained 28 points or 0.37 percent and closed at 7,629.

The peso meanwhile closed at 49.430 to the US dollar, up more than 20 centavos from the previous close of 49.635. 

The PSE will be closed on Thursday and Friday for the Lenten holidays.

Despite the PSE's winning streak this month, one analyst said trading will continue to be volatile for the rest of the 2nd quarter. 

"For the coming weeks, I think, because of the holiday season, markets will move sideways between the resistance of 7,700 and maybe up to a low of 7,500," said Harry Liu, President of Summit Securities.

Trading will resume on Monday.