PHILIPPINE financial markets closed lower on Monday, tracking declines elsewhere amid renewed uncertainties following US President Joe Biden's decision to bow out of the presidential race.
PHILIPPINE financial markets closed lower on Monday, tracking declines elsewhere amid renewed uncertainties following US President Joe Biden's decision to bow out of the presidential race.The peso weakened by four and a half centavos to P58.38 against the dollar, falling for a second day even as the dollar weakened slightly against major global currencies.President Joe Biden. AFP PhotoIt opened at P58.4:$1 and ranged from P58.375 to P58.
The broader All Shares also fell, by 27.85 points, or 0.77 percent, to 3,599.98.Philstocks Financials Inc. research associate Claire Alviar said the PSEi's drop was due to investors taking profits while also awaiting President Ferdinand Marcos Jr.'s State of the Nation Address later in the afternoon.'Overseas, Asian peers were mostly in the red as investors digested President Joe Biden's withdrawal from the 2024 presidential race,' Alviar added.
Psei End Lower As Uncertainties Rise
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