The main composite index of the Philippine Stock Exchange opened the week in the green, closing above the 6,700 level, on window-dressing and dwindling tension in the Middle East.
Foreign buying helped lift the market, according to Philstocks Financial Inc research analyst Claire Alviar.The market registered net inflow of P1.1 billion, while net market value turnover stood at P4.68 billion. The yen slipped to 160.17 to the greenback in volatile morning trade, with liquidity thin amid a holiday in Japan.
The currency has come under renewed pressure after the Bank of Japan refused to tighten monetary policy further at its meeting last week. Lombard Odier’s Homin Lee added: “Pressures will remain on the currency until we get more downbeat growth and inflation data in the US and clearer hawkish shift at the BoJ.
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