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Stock market plunges 2.58%; peso rises to P57:$1 territory

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Market,Plunges,2.58%

THE stock market plunged on Thursday on continued fears of a US recession, but the peso closed at its strongest in over two months as rate cut expectations heightened.

The benchmark Philippine Stock Exchange index tumbled by 2.58 percent, or 170.57 points, to 6,434.73 while the peso gained 18 centavos to P57.9 against the dollar, its highest close since May 20.The broader All Shares, meanwhile, shed 80.43 points, or 2.24 percent, to 3,516.47.The currency opened at P57.85:$1 and ranged from P57.68 to P57.915. Volume surged to P1.762 billion from P1.356 billion last Friday.Security Bank Corp.

'Union Bank of the Philippines chief economist Ruben Carlo Asuncion also said the strength of the peso 'bodes well for the potential BSP rate cut next week.''Plus, if second-quarter gross domestic product print comes in as weaker-than-expected, a rate cut will certainly be welcome,' he added.Preliminary April-June growth data will be released on Thursday.Philstocks Financials Inc.

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