Stocks fall; peso rises to 57.99 a dollar

The PSE index, the 30-company benchmark, dropped 47 points, or 0.8 percent, to close at 6,241.68, as four of the six subsectors declined.

Meanwhile, the peso strengthened to a week high against the US dollar and returned to the 57 territory amid expectations that the Bangko Sentral ng Pilipinas would increase by 75 basis points the policy rate in its meeting next week.The peso closed at 57.99 against the greenback, stronger than 58.275 on Tuesday. Total volume traded reached $1.107 billion, up from $954.9 million on Tuesday.

Asian stocks lost momentum on Thursday as factory gate prices in China fell for the first time in nearly two years. But that predicted Republican wave failed to materialize in elections fought against a backdrop of stubbornly high inflation. Tokyo closed down 0.6 percent and Shanghai ended 0.5 percent lower, while Hong Kong stocks lost nearly two percent in afternoon trade after a recent run of rallies.

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