Peso Weakening and Stock Market Downturn Spark Investor Caution

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Finance Noticias

Peso,Stock Market,Investor Caution

The Philippine peso continued its downward trend on Tuesday, reaching its lowest point in over four months, while the stock market plunged to a four-month low. Investors are adopting a cautious stance ahead of crucial policy meetings this week, including those of the US Federal Reserve and the Bangko Sentral ng Pilipinas.

The peso continued to weaken on Tuesday and the stock market fell to its lowest in over four months amid investor caution ahead of this week's US Federal Reserve and Bangko Sentral ng Pilipinas policy meetings. The peso weakened by 20 centavos to P58.871 against the greenback while the Philippine Stock Exchange index (PSEi) shed 113.45 points, or 1.72 percent, and ended the day at 6,501.7. It was the PSEi's lowest close since Aug. 6's 6,433.24. The peso, meanwhile, opened at P58.

74:$1 and ranged from P58.71 to P58.885. Volume dropped to P1.431 billion from P1.479 billion.Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened on continued concerns over policies to be implemented by US President-elect Donald Trump. Higher crude oil prices amid possible additional sanctions on producers Russia and Iran also weighed on the exchange rate, he added.Philstocks Financial Inc. research manager Japhet Tantiangco, meanwhile, said 'the local market plunged as investors kept a cautious stance while waiting for the policy meetings of the Federal Reserve and the Bangko Sentral ng Pilipinas.'. More than the interest rate decision, investors are looking forward to the policy outlook of both central banks, especially that of the Federal Reserve given the upside risks to the US' inflation caused by president-elect Donald Trump's planned protectionist policies,' he added.'The peso's weakness against the US dollar also weighed on the market in today's trading.'Tantiangco said that Tuesday's trading was 'active' with net value turnover at P6.43 billion.'Foreigners were net sellers adding to the market's woes. Net foreign outflows for the day amounted to P1.36 billion.'Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said 'Philippines shares closed just slightly above the 6,500 level as investors continue to clean positions ahead of the new year while others remain on the sidelines.

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