Philippine News Agency
Peso ends sideways; stocks index falls anew
The Philippine peso ended Thursday sideways against the US dollar, closing at 51.1.
A 50-basis point reduction in the Bangko Sentral ng Pilipinas' key policy rates contributed partly to the peso's resiliency, signaling the BSP's wide policy space despite rate cuts normally making currencies weaker.
The Philippine Stock Exchange index (PSEi) fell to 4,623.42 points, down 13.34 percent, after two days of trading suspension due to the enhanced community quarantine in Luzon.
All sectoral gauges experienced significant drops, with Mining and Oil posting the largest decline at 17.74 percent.
Analysts had predicted continued peso volatility and suggested market recovery depended on a slowdown in COVID-19 infections and fiscal stimulus measures.
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