Peso weakness drags down stocks anew
MANILA, Philippines — The stock market retreated anew yesterday as the peso tumbled against the dollar ahead of a US Federal meeting.
The benchmark Philippine Stock Exchange index plunged 168.32 points, or 2.16 percent, to settle at 7,602.98, while the broader All Shares retreated to 4,629.35, down 75.19 points or 1.60 percent.
The same negative sentiment spread across all sectors led by the holding firms with a decline of 3.27 percent.
Total value turnover reached P7.165 billion. Market breadth was negative, 127 to 66 while 47 issues were left unchanged.
Traders said investors were spooked as the peso tumbled to 53.23 against the dollar, the lowest close since 2006.
Luis Limlingan of Regina Capital said it was the opposite in the US stock-market with most indexes closing mostly higher on Tuesday as investors shifted their attention away from a landmark meeting between President Donald Trump and Kim Jong- un to the start of a series of important central-bank meetings, kicking off with the Federal Reserve.
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