News Formal

Peso weakens anew, stock market also drops as fears rise

  • 📰 TheManilaTimes
  • ⏱ Reading Time:
  • 23 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 43%
  • Publisher: 92%

Peso News

Weakens,Anew,Stock

THE peso continued to fall on Tuesday and the stock market retreated slightly from an over four-year high, with sentiment said to have weakened due to fears of a wider war in the Middle East and the reduced likelihood of another jumbo US Federal Reserve rate cut.

The currency shed 8 centavos to close at P56.905 against the dollar, while the benchmark Philippine Stock Exchange index shed 17.43 points, or 0.23 percent, and ended the day at 7,537.25.The broader All Shares lost 5.56 points, or 0.14 percent, to 4,077.41.These mirrored results elsewhere in the region. Most emerging Asian currencies were subdued and equities traded mixed as the escalating conflict in the Middle East and a repricing of Fed rate cut bets drove investors to the safe-haven dollar.

''The negative cues from Wall Street driven by the rise in Treasury yields, and the weakening of the local currency also weighed on the bourse,' he added.Tantiangco noted that trading remained active with net value turnover at P5.87 billion, higher than the year-to-date average of P5.22 billion.'Foreigners were still net buyers with net inflows amounting to P428.08 million,' he added.Regina Capital Development Corp.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market surges but peso nears P57:$1THE peso opened the week on a down note, moving closer to the P57:$1 level as the dollar strengthened, while the stock market hit pre-pandemic highs amid hopes of more policy rate cuts.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

Peso again near P56:$1; stock market reboundsTHE peso fell on Thursday but avoided a return to the P56:$1 level while the stock market posted a strong rebound back to 7,400 territory.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

Stock market nears 7,200 level; peso at 55.6 a dollarDefining the News
Source: MlaStandard - 🏆 20. / 55 Read more »

Peso back in P55:$1 territory; stock market snaps 4-day rallyTHE peso is back at the P55 level, closing stronger against the greenback on Wednesday, but the stock market slipped as investors awaited US inflation data seen underpinning the result of next week's Federal Reserve policy meeting.
Source: TheManilaTimes - 🏆 2. / 92 Read more »