THE peso continued to weaken on Thursday and the stock market also plunged as investors reacted to a sharper-than-expected economic growth slowdown and Donald Trump's winning the US presidential elections.The currency weakened by 6.9 centavos to P58.
THE peso continued to weaken on Thursday and the stock market also plunged as investors reacted to a sharper-than-expected economic growth slowdown and Donald Trump's winning the US presidential elections.The currency weakened by 6.9 centavos to P58.73 against the dollar, while the benchmark Philippine Stock Exchange index , which hit an intraday low of 6,923.99, ultimately shed 150.98 points, or 2.11 percent, to end the day at 7,014.44.The broader All Shares also dropped, by 78.
research manager Japhet Tantiangco said that 'investors priced in the negative implications of US protectionist policies on the global economic outlook...''Also weighing on investors' sentiment was the slowdown in the Philippines' Q3 GDP growth to 5.2 percent,' he added.The peso's continued decline also pulled down the bourse, Tantiangco continued.Trading was said to be strong, with net value turnover of P9.51 billion higher than the year-to-date average of P5.
Falls Further Psei Slumps 2.1%
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