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Peso gains but stock market slips

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Peso News

Gains,But,Stock

THE peso continued to regain ground against the dollar on Tuesday even as bargain-hunting weighed on the stock market.

The currency strengthened by 7-and-a-half centavos to P58.58:$1, its strongest close in nearly a month, while the benchmark Philippine Stock Exchange index slipped by 8.68 points, or 0.13 percent, to 6,734.21.The broader All Shares, on the other hand, edged up 2.17 points, or 0.06 percent, to 3,791.77.The peso opened at P58.69:$1 and ranged from P58.57 to P58.705. Volume narrowed to P1.323 billion from P1.359 billion at the start of the week.Rizal Commercial Banking Corp.

''Investors also digested the Asean+3 Macroeconomic Research Office's downward revision of its Philippine economic growth forecast for 2024 from 6.1 percent to 5.8 percent,' he added.Net value turnover for the day was P5.38 billion, higher than the year-to-date average of P5.18 billion.'Foreigners were still net sellers with net outflows amounting to P389.94 million,' Tantiangco said.

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