Peso weakens further; bearishness takes over bourse

MANILA — The Philippine peso, hovering around a 12-year low, weakened further against the greenback, while the local stock market slipped deeper into bear-market territory on Wednesday.

The local unit closed today’s session at 53.48 against the greenback, 4 centavos weaker than yesterday’s finish of 53.44.

Philippine Stock Exchange Index, on the other hand, sank 0.70 percent, or 50.99 points, to settle at 7,261.62 points.

A bear market is a period marked with falling stock prices. It is marked by a downturn of 20 percent in stock prices over a two-month period.

The broader all shares shed 21.49 points or 0.48 percent to close at 4,460.22 points.

Almost all subcounters suffered losses led by Holding Firms, which dropped by 0.99 percent; followed by Services, 0.56 percent; Financial, 0.42 percent; Industrial, 0.42 percent; Property, 0.30 percent.

Only Mining and Oil registered an uptick of 0.25 percent.

Total volume reached 1.699 billion amounting to PHP5.33 billion.

Losers led gainers at 103 to 92, while 45 shares remained unchanged. (Filane Mikee Cervantes/PNA)

Popular

P10/L fuel subsidy for PUV drivers to begin April 14 —LTFRB

By Brian Campued Following President Ferdinand R. Marcos Jr.’s announcement of new initiatives to cushion the impact of surging fuel prices in the country, the...

Palace firm on combatting fake news vs. PBBM’s health, admin

By Brian Campued Malacañang on Friday reiterated that rumors circulating online about the alleged deteriorating health of President Ferdinand R. Marcos Jr. are “fake news.” In...

PCG command post in Kalayaan Island now activated

By Brian Campued To commemorate the 84th Day of Valor on Thursday, the Philippine Coast Guard (PCG) officially activated its Coast Guard District Kalayaan Island...

PBBM hails pause in Middle East conflict; bolsters collab with private sector amid energy emergency

By Dean Aubrey Caratiquet On the heels of a reported two-week ceasefire between the United States and Iran, the Philippines welcomed the development as an...