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Peso hits P58.80:$1; PSEi down nearly 3%

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Peso News

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THE peso and the stock market ended the week on a sour note with both hitting multi-month lows amid a continued lack of positive catalysts.

The currency fell for a third straight day, weakening by two centavos to P58.80 to the dollar — its lowest close in over 19 months and matching that on Nov. 3, 2022.The benchmark Philippine Stock Exchange index plunged by 2.93 percent, or 186.08 points, to 6,158.48. It last closed lower on Dec. 15, 2023 — over six months ago — when it ended at 6,255.74.The broader All Shares also fell sharply, by 65.11 points or 1.89 percent, to 3,375.20.

chief economist Michael Ricafort said the peso had taken its cue from the stock market, adding that the dollar having extended its gains against the yen was also a factor.Philstocks Financials Inc. research associate Claire Alviar, meanwhile, said the PSEi had plunged 'due to strong net foreign selling, recording a net outflow of P1.34 billion.''he weakness of the peso against the US dollar continued to weigh on sentiment.' she added.

 

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