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Peso, stock market hit multi-month lows

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THE peso hit a new near-19-month low on Thursday, weakening by 21-and-a-half centavos to P58.635 against the dollar, and the stock market fell for a fifth straight day to an over five-month low of 6,321.75

It was the currency's lowest close since Nov. 3, 2022's P58.80:$1. For the benchmark Philippine Stock Exchange index, the result of Thursday's 39.66-point or 0.62-percent drop was the lowest since Dec. 13, 2023's 6,255.74.The broader All Shares index also closed in the red, falling by 0.76 percent, or 26.17 points, to 3,425.57.Michael Ricafort, chief economist at Rizal Commercial Banking Corp.

''The climb in yields resulted in the further decline of the Philippine peso against the US dollar which in turn weighed on the local bourse,' he added.'Also, inflation worries were heightened after the Bangko Sentral ng Pilipinas stated that there is still a high probability that inflation may breach the upper end of the 2.0- to 4.0-percent target range.'The currency opened at the day's low of P58.5 versus the greenback and traded as high as P58.73. Volume reached P1.

 

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