Stocks rose, but the Philippine peso fell to a new 17-month low of 57.78 against the US dollar Thursday as investors sought the safety of the greenback amid global concerns.
The Bangko Sentral ng Pilipinas earlier also said that the peso’s recent decline was due to the strength of the dollar amid expectations that the US Federal Reserve will not be cutting interest rates anytime soon.Last week, Fed Chairman Jerome Powell said persistently elevated inflation will probably delay any Fed interest rate cuts until later this year.
Meanwhile, the Philippine Stock Exchange index inched up by 2.13 points, or 0.03 percent, to close at 6,574.88, while the broader all-shares index advanced 4.51 points, or 0.13 percent, to reach 3,467.97. Traders also kept an eye on Japan as the yen wallowed at a fresh three-decade low above 155 per dollar, a level many observers saw as likely to see authorities intervene in currency markets.
However, they lost a little momentum in New York on Wednesday — with the Dow down, S&P flat and Nasdaq slightly higher. London rose in the morning as miner Anglo American surged around 13 percent after Australian mining giant BHP confirmed a $38.8 billion takeover bid for it, a deal with the potential to fundamentally reshape the sector.“Meta’s resources are vast, but not infinite,” Sophie Lund-Yates, at Hargreaves Lansdown, said.