THE peso strengthened on Wednesday, but remained at the P58 to the dollar level, and concerns over its direction continued to weigh on the stock market.
The benchmark Philippine Stock Exchange index fell for a second day, shedding 26.44 points, or 0.4 percent, to 6,607.22. The broader All Shares index also dropped, by 0.33 percent, or 11.82 points, to 3,523.95.The peso, which fell to an 18-month low on Tuesday, strengthened by 21 centavos to P58.06 against the dollar.It opened trading at P58.15:$1 and ranged from P58.06 to P58.235. Volume reached P1.292 billion, lower than the P1.620 billion recorded in the previous session.
BSP Governor Eli Remolona Jr. has downplayed the decline, saying the peso had moved in tandem with other regional currencies. Analysts, however, have said that his statements last week that the BSP could start cutting rates ahead of the Fed had factored in the peso's plunge.Claire Alviar, research associate at Philstocks Financial Inc.
Regains Ground But Psei Drops Anew
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PSEi drops to 6,500 after Q1 GDP disappointsTHE stock market on Thursday plunged to the 6,500-point territory following the release of the country's first-quarter gross domestic product (GDP) data, which came in slower than expected.
Read more »
PSEi to take cues from BSP meetingINVESTORS will likely stay cautious ahead of Thursday's monetary policy meeting, analysts said, following last week's lower-than-expected first quarter growth results and higher April inflation.
Read more »
Peso drops to 58.27 a dollar as BoP incurs wider deficitDefining the News
Read more »
PH stocks slide on profit-taking as peso drops to new lowDefining the News
Read more »
Stocks extend losses on peso depreciationDefining the News
Read more »
Peso rebounds, but still at P58:$1 levelLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »