Peso again near P56:$1; stock market rebounds

The currency weakened by eight-and-a-half centavos to P55.965 against the greenback, a result Rizal Commercial Banking Corp. chief economist Michael Ricafort said was due to the dollar gaining against major global currencies.Trading started at P56.05:$1 and ranged from P55.94 to P56.09. Volume reached P1.373 billion, down from P1.539 billion in the previous session.The benchmark Philippine Stock Exchange index, meanwhile, surged by 1.31 percent, or 96.12 points, to end the day at 7,458.74.

''According to BSP Governor Eli Remolona, the BSP may still cut policy rates in the fourth quarter of this year, 25 basis points each in their last two meetings,' he added.Tantiangco said that trading remained active with net value turnover of P6.88 billion, higher than the year-to-date average of P5.18 billion.'Foreigners were net buyers with net inflows amounting to P4.79 billion.'Regina Capital Development Corp.

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