Peso rises on good earnings report of US, Asian firms

MANILA, Philippines—The peso inched up on the first trading day of the week as investors reacted positively on reports of favorable corporate earnings in the United States and some Asian countries.

The local currency closed at 42.205 against the US dollar on Monday, up by 16.5 centavos from Friday’s finish of 42.37:$1.

Intraday high hit 42.20:$1, while intraday low settled at 42.30:$1. Volume of trade amounted to $934.65 million from $676.75 million previously.

The appreciation of the peso, which mirrored the movement of other key Asian currencies, came after the release of favorable income reports made by various publicly listed companies in the United States and some Asian countries, such as Hong Kong, during this earnings season.

Traders said positive earnings reports lifted sentiment of investors and increased their risk appetite. Consequently, fund owners purchased assets from emerging markets, such as the Philippines.

The Philippine Stock Exchange Index was up 33.65 points to 5,202.70.