THE peso and stock market both closed the week on a negative note, with the currency snapping a three-day winning streak and the bourse threatening a return to the 6,500 level.
The peso weakened by 15-and-a-half centavos to P57.62 against the dollar while the benchmark Philippine Stock Exchange index shed 9.51 points, or 0.14 percent, to end the day at 6,618.69.The broader All Shares index ended basically flat, dipping 0.01 percent, or 0.37 points, to 3,524.15.The peso opened at P57.53 against the greenback and ranged from P57.53 to P57.75. Volume reached P1.757 billion, lower than the P1.760 billion recorded in the previous session.
A slight upward correction by the dollar against major global currencies also weighed on the peso, he added.Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said 'last-minute selling pressure wiped out all intraday gains on the local bourse, with investors reacting to policy meeting.'Claire Alviar, research associate at Philstocks Financial Inc.
Snaps Win Streak Stock Market Edges Lower
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