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Bacolod City, PhilippinesFriday, March 9, 2012
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Peso up on rosy US data

MANILA – Positive jobs data in the United States buoyed both the peso and local stocks yesterday.

The local currency closed P0.30 better to P42.57 against the dollar from the previous day’s P42.87 finish.

Its closing rate Thursday was the peso’s strongest for the day after it dropped to P42.82.

The local currency averaged at P42.68, P0.30 better than Wednesday’s P42.98 average.

Total volume rose to $1.06 billion, higher than day-ago’s $973.31 million.

Meanwhile, the local bourse posted an overall improvement except for the services index, a positive development after days of profit-taking.

The main Philippine Stock Exchange index registered a change of 34.83 points or 0.7077 percent to close at 4,956.19.

Relatively, the broader all shares index regained 22.43 points to 3,347.75 or a change of 0.6745 percent.

Advancers led losers at 111 to 53 while 34 stocks were unchanged.

Value turnover reached P6.42 billion while 4.94 billion shares changed hands.

The U.S. ADP National Employment Report disclosed that the private sector added 216,000 jobs in February, boosting the labor market recovery expectations in the world’s largest economy.*PNA

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