Peso back at P57 vs dollar; stock market down 1.5%

The currency weakened by 11 and a half centavos to P57.02 against the dollar while the benchmark Philippine Stock Exchange index shed 112.73 points, or 1.50 percent, to 7,424.52.The broader All Shares dropped 44.05 points, or 1.08 percent, to 4,033.36.The peso was an outlier in the region, where most emerging Asian currencies registered minor gains against a broadly muted dollar.

research manager Japhet Tantiangco said that trading was tepid with net value turnover at P5.09 billion, below the year-to-date average of P5.22 billion'Foreigners were net sellers, breaking the market's 27-day net foreign buying streak,' he added. 'Net foreign outflows for the day amounted to P402.75 million.'Regina Capital Development Corp.

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