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Market plunges on inflation, peso woes

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Inflation News

Share prices retreated amid concerns on inflation as well as the peso, which slumped for a second straight trading day to fresh 19-month lows.

The benchmark Philippine Stock Exchange index ended its brief two-day climb as it slipped back below the 6,400 level, plunging by 1.3 percent or 84.32 points yesterday to end at 6,386.42.MANILA, Philippines —

Year to date, the local unit is now down by P3.34 or 5.7 percent from its end-2023 close of P55.37 versus the greenback. At the local market, it was a bloodbath as all sector gauges were in the red, with holding firms suffering the largest drop of 2.5 percent.

 

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