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Stock market surges but peso nears P57:$1

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THE peso opened the week on a down note, moving closer to the P57:$1 level as the dollar strengthened, while the stock market hit pre-pandemic highs amid hopes of more policy rate cuts.

The currency weakened by 53 centavos to P56.825 against the greenback, its lowest close in nearly two months, after opening at P56.64 and ranging from P56.58 to P56.84. Volume reached P1.296 billion, lower than P1.513 billion in the previous session.Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened after the dollar gained against global currencies.

''Hopes that the Fed will also deliver more rate cuts also spurred optimism,' he added.While Asian currencies fell, stock markets in the region rose as the US jobs data signaled that the world's largest economy was headed for a soft landing.Tantiangco said that trading was strong on Monday with net value turnover at P7.60 billion, higher than the year-to-date average of P5.21 billion.'Foreigners were net buyers with net inflows amounting to P1.35 billion,' he added.

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