A likely Federal Reserve rate cut in September boosted the peso, which strengthened by 25 centavos to P58.08 against the dollar on Friday.
However, concerns about a potential US recession led to a decline in the stock market, with the Philippine Stock Exchange index (PSEi) dropping by 88.53 points, or 1.32 percent, to 6,605.30.
The broader All Shares index also fell by 32.28 points or 0.89 percent.
The peso reached a high of P58.34 and traded with a volume of P1.356 billion.
Analysts cited fears of a US recession and disappointing economic data as factors contributing to the stock market’s decline.
Source : PhilNews24 | August 3, 2024
