Weak peso drags local stocks
The benchmark Philippine Stock Exchange index plummeted by 1.7 percent or 106.36 points to finish the session at 6,158.34.
The Philippine stock market suffered a significant decline on Friday due to weakened currency, dampening investor confidence. The Philippine Stock Exchange index dropped by 1.7 percent, or 106.36 points, reaching 6,158.34. The broader All Shares index fell by 1.29 percent, settling at 3,396.35. Luis Limlingan of Regina Capital attributed the market's downturn to the peso's depreciation, which approached the 62 per dollar level, causing concerns about inflation and borrowing costs.
Net foreign selling surged to P232 million, although gross foreign buying remained steady, indicating that foreign demand had not entirely vanished despite the market correction. For the PSEi to stabilize, the peso needs to recover, and other major indices should improve to support local equities.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
