THE peso fell on Monday as the dollar gained following an assassination attempt against former US president Donald Trump while rate cut hopes again lifted the stock market, which surged to the 6,700 level before it pared down the day's gains.The currency, which weakened by 10 centavos to P58.48 to the dollar, opened at P58.43:$1 and traded as high as P58.58. It joined declines by other emerging market currencies in Asia as investors bet on Trump winning re-election in November.
The broader All Shares index added 18 points, or 0.50 percent, to 3.594.22.Philstocks Financials Inc. research associate Claire Alviar said that 'the local bourse gained due to the positive spillover from the US markets' performance last Friday.'' report that the BSP may cut interest rates larger than expected boosted the sentiment,' she added, noting that the central bank was now more likely to start easing in August.Regina Capital Development Corp.
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