The currency weakened by 13 and a half centavos to P58.755 against the dollar, while the benchmark Philippine Stock Exchange index dipped by 2.77 points, or 0.04 percent, to 6,366.03.The broader All Shares was also marginally lower, falling by 0.06 percent, or 2.08 points, to 3,438.46.Rizal Commercial Banking Corp. chief economist Michael Ricafort said higher crude prices had weighed on the peso, which opened trading at P58.62:$1 and ranged from P58.58 to P58.77.
'However, due to a lack of fresh catalysts, the market dropped at the last minute,' she added.'Foreign investors weighed further on the market, recording a net outflow of P594.67 million. For the past six trading days, the market has experienced net foreign selling, amounting to P2.15 billion,' Alviar continued.Regina Capital Development Corp. Managing Director Luis Limlingan also said that 'Philippine shares traded flat with the index falling 2.77 to 6,366.
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Peso gains some ground; stock market hits year lowTHE peso snapped a four-day decline on Tuesday, but the stock market closed at its lowest so far for the year with investors said to be worried about the direction of interest rates.
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Peso, stock market fall ahead of long weekendTHE peso snapped a two-day gain, and the stock market also closed lower for a fourth straight day ahead of a long weekend amid uncertainties over the direction of key interest rates.
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Peso touches P58.80 to the dollar; stock market rally also snappedTHE peso closed at an over 19-month low on Monday as a strong US jobs report drove the dollar higher, and the stock market also fell, with investors said to have taken profits following last week's three-day recovery.
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Peso touches P80 to the dollar; stock market rally also snappedTHE peso closed at an over 19-month low on Monday as a strong US jobs report drove the dollar higher, and the stock market also fell, with investors said to have taken profits following last week's three-day recovery.
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Peso, stock market end week on a positive noteTHE peso strengthened for a second straight day, and the stock market also extended its run of gains to four days at the end of the trading week.
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Peso strengthens, still at P58:$1; stock market climbs to 6,500THE peso regained some ground on Thursday and the stock market also climbed back to the 6,500 level with investors said to have continued digesting lower-than-expected May inflation.
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