The Manila Times

Peso weakens, stock market drops for a third straight day

ED PAOLO SALTING AND NIÑA MYKA PAULINE ARCEO

THE peso slipped on Thursday but retained some gains made the previous day while the stock market dropped nearer to the 6,400 support level.

The currency weakened by 11 centavos to P56.26 against the dollar but avoided a return to a six-month low hit on Tuesday.

It began trading at P56.23:$1 and ranged from P56.155 and P56.31. Volume fell to $990 million, down from $1.065 billion the previous day.

The benchmark Philippine Stock Exchange index (PSEi), meanwhile, shed 46.78 points, or 0.72 percent, to 6,430.58.

The broader All Shares followed suit, dropping 14.45 points, or 0.42 percent, to close at 3,443.85.

“Philippine equities fell again as investors kept an eye on the federal debt ceiling debate in Washington on the final trading day of May,” Regina Capital Development Corp. Managing Director Luis Limlingan said.

Michael Ricafort, chief economist at Rizal

Commercial Banking Corp., said the bourse also declined after some US Federal Reserve officials suggested a rate hike pause this month with an option to resume.

Claire Alviar, research associate at Philstocks Financial Inc., said foreigners continued exiting the bourse with net selling at P475.68 million.

Around 801.27 million shares worth P5.41 billion changed hands.

Sector performances were mixed. Services led gainers with a 0.68 percent while holding firms fell the most by 1.67 percent.

Decliners outnumbered advancers, 105 to 78, while 50 securities remained unchanged.

Business Times

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2023-06-02T07:00:00.0000000Z

2023-06-02T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/281831468117829

The Manila Times