Peso hits another record low as Philippine stocks retreat
The stock benchmark fell 0.88 per cent as investors adjusted to a 50-basis-point rate increase, the central bank’s largest in over three years.
The Philippine peso registered its third successive record-low close at ₱63.615 per US dollar, while the Philippine Stock Exchange index (PSEi) shed 51.1 points, or 0.88 per cent, to finish at 5,728.63.
Figures from the Bankers Association of the Philippines showed a 9.5-centavo decline in the peso from the preceding close of ₱63.52. The currency opened at ₱63.35, its best level of the session, and reached an intraday record low of ₱63.62 before recovering slightly.
Regina Capital Development Corp. head of sales Luis Limlingan attributed the equity decline to investors digesting the Bangko Sentral ng Pilipinas’ 50-basis-point rate increase. He said portfolios were being rearranged to reflect the move, while declines elsewhere in Asian markets also hurt sentiment.
The broader All Shares index slipped 27.67 points, or 0.86 per cent, ending at 3,193.29. Trading involved ₱4.83 billion in shares. Decliners numbered 111, against 66 advancing issues, with another 56 unchanged.
