THE peso regained ground on Wednesday, rising back to P55:$1 territory, but the stock market succumbed to profit-taking and plunged to the 7,300 level.
The currency strengthened by 36 and a half centavos to P55.88 against the greenback while the benchmark Philippine Stock Exchange index plunged 69.59 points, or 0.94 percent, to end the day at 7,362.62.The broader All Shares slid by 23.86 points, or 0.60 percent, to 3,939.64.The peso opened at P55.95:$1 and ranged from P55.83 to P56. Volume reached P1.539 billion, down from Tuesday's P1.802 billion.Rizal Commercial Banking Corp.
senior research analyst Japhet Tantiangco, meanwhile, said, 'the market pulled back as investors took profits from its recent rallies.''Prior to the decline, the market was on a four-day gaining streak,' he noted.Tantiangco said that trading was still active with a net value turnover at P7.54 billion, higher than the year-to-date average of P5.17 billion.'Foreigners were still net buyers with net inflows amounting to P921.22 million,' he added.
Back At P55:$1 Psei Snaps 4-Day Rally
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