Peso closes sideways vs. dollar

April 18, 2013 10:19 pm 

MANILA, April 18 — The peso closed sideways against the dollar Thursday mainly due to the successful initial public offering (IPO) of the listed holding firm of taipan Lucio Tan, LT Group Inc. (LTG), Wednesday.

It closed at 41.22, almost unchanged from the 41.25 Wednesday.

“Inflows from the LTG’s public offering came in later in the day and fuelled the peso even after a weak start,” a trader said.

The peso started the day at 41.35, slightly weaker than the 41.28 in the previous day.

It traded between 41.39 and 41. 20 bringing the average in 41.28.

Volume of trade also rose after it reached US$ 1.09 billion from day-ago’s US$ 859.3 million.

A trader said the local currency benefited from the success of the LTG IPO, which raised P37.72 billion due to “overwhelming demand” from overseas investors.

The transaction was touted as the largest equity raising activity in the Philippines to date.

LTG said bulk of the investors came from Asia, 36 percent from the US and 23 from Europe.

The trader expects the peso to trade between 41.10 and 41.30 Friday. (PNA)

DSP/JS/SSC

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