The peso regained more ground on Thursday even as the stock market extended a decline to a third day.
The currency, which returned to an all-time low of P59 to the dollar on Tuesday, strengthened by 3.9 centavos to close at P58.671.
It opened at P58.7:$1 and ranged from P58.61 to P58.78. Volume rose to P1.456 billion from P1.379 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso gained as the dollar dropped on news that the US Federal Reserve’s favored inflation indicator was within expectations in October.
The strengthening also followed lower trading volumes ahead of the US Thanksgiving holiday and comments from US President-elect DonaldTrump that had easing concerns about an immediate increase in US import tariffs, he added.
The benchmark Philippine Stock Exchange index (PSEi), meanwhile, shed 64.05 points, or 0.96 percent, to end the day at 6,638.54.
The broader All Shares fell by 25.14 points, or 0.67, to 3,734.94.
Philstocks Financial Inc. research manager Japhet Tantiangco said “the local market continued with its decline as investors remain concerned regarding President-elect Donald Trump’s tariff threats.”
“Adding to the worries is the uncertainty on the Federal Reserve’s policy easing pace amid the uncertainties on the US economy,” he added.
“The exit of foreign funds also weighed on the local bourse,” he continued, noting that “net foreign selling for the day amounted to P1.17 billion.”
Tantiangco said the trading was “tepid” with net value turnover at P4.48 billion.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said “Philippine shares continued to slide, retesting the 6,600 level once again in light value turnover as the US enters the Thanksgiving holiday.”
“Locally, the market extended losses as investors reacted to President-elect Donald Trump’s tariff threats against China, Canada, and Mexico,” he added.
All sector indices closed in the red, with industrial down the most by 2.10 percent.
On a company basis, decliners outnumbered gainers, 120 to 69, while 53 were unchanged.
Be the first to comment