Stocks fall; peso rises to 57.99 a dollar

The PSE index, the 30-company benchmark, dropped 47 points, or 0.8 percent, to close at 6,241.68, as four of the six subsectors declined.

Meanwhile, the peso strengthened to a week high against the US dollar and returned to the 57 territory amid expectations that the Bangko Sentral ng Pilipinas would increase by 75 basis points the policy rate in its meeting next week.The peso closed at 57.99 against the greenback, stronger than 58.275 on Tuesday. Total volume traded reached $1.107 billion, up from $954.9 million on Tuesday.

Asian stocks lost momentum on Thursday as factory gate prices in China fell for the first time in nearly two years. But that predicted Republican wave failed to materialize in elections fought against a backdrop of stubbornly high inflation. Tokyo closed down 0.6 percent and Shanghai ended 0.5 percent lower, while Hong Kong stocks lost nearly two percent in afternoon trade after a recent run of rallies.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian stocks mixed as caution reigns ahead of U.S. midtermsAsian shares held recent gains but lost momentum as investors remained cautious ahead of the release of the U.S. inflation data and mid-term elections, which will determine control of Congress. | Reuters
Source: inquirerdotnet - 🏆 3. / 86 Read more »

Chinese property stocks soar on fresh regulatory supportHONG KONG -Chinese property developers&039; share prices surged on Wednesday after regulators expanded a financing program aimed at supporting bond issuance in the crisis-ridden sector. CIFI
Source: inquirerdotnet - 🏆 3. / 86 Read more »

World stocks slip, await CPI, US midterms outcomeStocks in Europe and on Wall Street fall on Wednesday, November 9, as the outcome of the US midterm elections remains unclear.
Source: rapplerdotcom - 🏆 4. / 86 Read more »

DMCI’s income rises 84% as business units grow - BusinessWorld OnlineDMCI Holdings, Inc. reported on Tuesday an 83.8% increase in third-quarter core net income to P7.37 billion from P4.01 billion a year ago, driven by growth in its coal, power, and real estate businesses.
Source: bworldph - 🏆 9. / 68 Read more »