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Peso weakens anew, stock market also drops as fears rise

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Weakens,Anew,Stock

THE peso continued to fall on Tuesday and the stock market retreated slightly from an over four-year high, with sentiment said to have weakened due to fears of a wider war in the Middle East and the reduced likelihood of another jumbo US Federal Reserve rate cut.

The currency shed 8 centavos to close at P56.905 against the dollar, while the benchmark Philippine Stock Exchange index shed 17.43 points, or 0.23 percent, and ended the day at 7,537.25.The broader All Shares lost 5.56 points, or 0.14 percent, to 4,077.41.These mirrored results elsewhere in the region. Most emerging Asian currencies were subdued and equities traded mixed as the escalating conflict in the Middle East and a repricing of Fed rate cut bets drove investors to the safe-haven dollar.

''The negative cues from Wall Street driven by the rise in Treasury yields, and the weakening of the local currency also weighed on the bourse,' he added.Tantiangco noted that trading remained active with net value turnover at P5.87 billion, higher than the year-to-date average of P5.22 billion.'Foreigners were still net buyers with net inflows amounting to P428.08 million,' he added.Regina Capital Development Corp.

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