Peso weakens, stock market up ahead of policy meeting

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THE peso fell against the dollar to start the week, but the stock market snapped a four-day decline as investors awaited fresh economic data and the results of this Wednesday's Bangko Sentral ng Pilipinas (BSP) policy meeting.

THE peso fell against the dollar to start the week, but the stock market snapped a four-day decline as investors awaited fresh economic data and the results of this Wednesday's Bangko Sentral ng Pilipinas policy meeting.The currency weakened by 26 and a half centavos to P57.47:$1, tracking declines elsewhere in the region. It opened at P57.28 to the dollar and ranged from P57.26 to P57.5, and volume also fell to P780 million from Friday's P1.325 billion.Rizal Commercial Banking Corp.

''Also helping were the positive cues from Wall Street's closing performance last week.'Tantiangco said trading was 'anemic' with net value turnover at P3.68 billion, below than the year-to-date average of P5.20 billion.'Foreigners were net sellers with net outflows amounting to P519.69 million,' he added.Regina Capital Development Corp.

 

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