THE peso resumed weakening on Thursday as the stock market plunged to an over three-month low.
The currency closed at P58.777 to the dollar, down by four centavos, and the Philippine Stock Exchange index shed 157.24 points, or 2.34 percent, to end the day at 6,557.09.It was the benchmark index's lowest close since Aug. 8's 6,549.27.The broader All Shares index, meanwhile, lost 111.84 points, or 2.95 percent, to 3,680.62.The peso opened at P58.8:$1 and ranged from P58.75 to P58.85 with volume reaching P1.531 billion, higher than the P1.435 billion recorded in the previous session.
''Ultimately, investors are still worried over the prospects of protectionist policies in the US and its impact on the global economy, especially on the Philippines,' he added.Tantiangco said that day's trading was strong with net value turnover at P7.04 billion, higher than the year-to-date average of P5.19 billion.'Foreigners were net sellers with net outflows amounting to P2.05 billion,' he added.Regina Capital Development Corp.
Slips By Four Centavos Psei Plunges To 500 Level
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