The peso weakened anew on Tuesday but the stock market rebounded as investors took in policy pronouncements made by President Ferdinand Marcos Jr. during his State of the Nation Address (SONA) a day earlier.
The peso weakened anew on Tuesday but the stock market rebounded as investors took in policy pronouncements made by President Ferdinand Marcos Jr. during his State of the Nation Address a day earlier.The currency closed at P58.435 against the dollar, down by five and a half centavos, while the benchmark Philippine Stock Exchange index added 41.07 points, or 0.61 percent, to 6,753.12.The broader All Shares index also rose, by 38.50 points or 1.07 percent, to 3,638.48.
research and engagement officer Mikhail Plopenio, meanwhile, said the PSEi was boosted by Marcos' speech, which was delivered after the markets had closed, and other positive news.'The improvement of the country's poverty incidence level, coming in at 15.5 percent in 2023, lower than 2021's 18.1 percent, was cheered by many,' he added.
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