THE peso fell back to the P56:$1 level on Friday, but the stock market finally closed above 7,000 following the release of latest US inflation data.
The currency weakened by 22-and-a-half centavos to end the day at P56.2 against the greenback while the benchmark Philippine Stock Exchange index added 79.79 points, or 1.15 percent, to 7,024.67 — the highest since Feb. 3, 2023's 7,027.38.The broader All Shares index grew by 25.44 points, or 0.68 percent, to 3,791.65.The peso opened at P56.08:$1 and ranged from P55.96 to P56.2. Volume reached P1.695 billion, slightly lower than P1.712 billion in the previous session.
''NEDA's projection of the local economy growing faster in the 2nd half of the year compared to the first half also gave the market a boost,' he added.China Bank Capital Corp. Managing Director Juan Paolo Colet said that 'if the 7,000 breakout is sustained in the next few days, the market may attempt to hurdle the next resistance at 7,100,' he continued.Regina Capital Development Corp.
Back At P56:$1 But Psei Tops 000
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