Peso weakens further, pulls stock market down

THE peso and stock market continued to fall on Thursday ahead of the release of US inflation data that could provide cues about the likely outcome of next month's Federal Reserve policy meeting.The currency weakened by 34 centavos to P57.36 against the dollar, while the benchmark Philippine Stock Exchange index shed 13.05 points, or 0.18 percent, to end the day at 7.411.47.The broader All Shares gained 4.16 points, or 0.10 percent, to 4,037.52.The peso opened at P57.

research manager Japhet Tantiangco, meanwhile, said 'investors continued to take profits amid the peso's sustained depreciation, now going further below the 57.00 mark.''Trading was still tepid with net value turnover registering P4.05 billion, below the year-to-date average of P5.21 billion,' he added, while 'foreigners were net sellers for a 2nd straight day with net outflows amounting to P73.58 million.'Regina Capital Development Corp.

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