Peso, stock market rebound

The currency strengthened by 28 centavos to P58.365 against the dollar while the benchmark Philippine Stock Exchange index edged up 12.73 points, or 0.19 percent, to 6,619.09.The broader All Shares index also ended marginally higher by 9.94 points, or 0.28 percent, to 3,597.71.The peso opened at the day's high of P58.58:$1 and traded as low as 58.35. Volume picked up to P1.295 billion from P1.229 billion in the previous session.

'Investors were also awaiting the Federal Reserve's meeting to gauge the future direction of interest rates and to know how dovish the Fed's stance might be,' she added.Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said 'Philippine shares closed modestly higher following consecutive sessions of profit taking to close the month of July.

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