The currency strengthened by 3 centavos to P58.62 against dollar, a result Rizal Commercial Banking Corp. chief economist Michael Ricafort said was due to continued growth in overseas Filipino worker remittances.It opened trading at P58.68:$1 and ranged from P58.6 to P58.73. Volume fell to P858 million from Friday's P1.078 billion. Philippine financial markets were closed on Monday for the Eid al-Adha holiday.The benchmark Philippine Stock Exchange index, meanwhile, shed 14.90 points, or 0.
research and engagement officer, said 'the local market dropped as investors were weighed by the unclear direction of the Federal Reserve and the Bangko Sentral ng Pilipinas regarding their rate cut timing.''Adding to the woes were the net outflows amounting to P262.54 million,' he continued.'Investors continued to stay on the sidelines amid a lack of positive catalysts resulting in a tepid net market value turnover of P2.85 billion, lower than the year-to-date average of P5.
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Peso, stock market fall ahead of long weekendTHE peso snapped a two-day gain, and the stock market also closed lower for a fourth straight day ahead of a long weekend amid uncertainties over the direction of key interest rates.
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Peso touches P58.80 to the dollar; stock market rally also snappedTHE peso closed at an over 19-month low on Monday as a strong US jobs report drove the dollar higher, and the stock market also fell, with investors said to have taken profits following last week's three-day recovery.
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Peso touches P80 to the dollar; stock market rally also snappedTHE peso closed at an over 19-month low on Monday as a strong US jobs report drove the dollar higher, and the stock market also fell, with investors said to have taken profits following last week's three-day recovery.
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Peso, stock market end week on a positive noteTHE peso strengthened for a second straight day, and the stock market also extended its run of gains to four days at the end of the trading week.
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Peso strengthens, still at P58:$1; stock market climbs to 6,500THE peso regained some ground on Thursday and the stock market also climbed back to the 6,500 level with investors said to have continued digesting lower-than-expected May inflation.
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Peso weakens further; stock market reboundsTHE peso fell for a third straight day on Wednesday, hitting a fresh 19-month low, while the stock market rebounded following lower-than-expected May inflation.
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