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Stocks, peso fall

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The stock market plunged deeper in the red, falling back to the 6,400 level due to economic concerns, while the peso weakened to near all-time low against the dollar.

MANILA, Philippines —

Luis Limlingan of Regina Capital said Philippine shares succumbed to more profit taking, sinking the index to 6,400 as concerns over inflation, weak demand at treasury auction and cautious statements from policymakers dampened sentiment. Market breadth remained negative as decliners crushed advancers, 127 to 70, while 40 shares were unchanged.

The local currency opened at 58.07 yesterday, which was also its strongest showing. The peso lost its steam and hit an intraday low at 58.51 versus the greenback.The peso has depreciated by P3.05 or 5.2 percent from its 55.37 to $1 close on Dec. 29, 2023.

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