BusinessWorld Online
Peso weakens as stock investors take profit
The Philippine peso weakened further, closing at P48.56 against the US dollar on Thursday, September 24, 2020, marking a decline for the third consecutive day.
This depreciation is attributed to investors taking profits in US stocks amid rising COVID-19 cases globally and in the US.
The peso opened at P48.60 and fluctuated between P48.51 and P48.61 during the trading session.
Trading volume on Thursday increased to $585.15 million from $580.05 million the previous day.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort stated that the sell-off in US stock markets increased demand for the US dollar as a safe haven.
Concerns over potential new lockdowns in response to the spike in COVID-19 cases contributed to market uncertainty.
US stock indices continued their decline, with the Dow Jones, Nasdaq Composite, and S&P 500 all closing lower on Wednesday.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
Philippine shares and the peso declined due to renewed worries about potential COVID-19 lockdowns in Europe and allegations of illicit money movement by major global banks.
Read more →
The Philippine Stock Exchange index (PSEi) slipped for the third consecutive day on Thursday, September 24, 2020, while the peso ended sideways against the US dollar.
Read more →