Philstar
Stocks extend slide as peso weakens past 59:$1
The Philippine Stock Exchange index (PSEi) closed at a two-week low on Wednesday, dropping by 1.47% to 5,905.84 points.
The peso's depreciation against the US dollar and concerns over the country's economic outlook contributed to the market's decline.
Investors engaged in profit-taking and selling, subdued by the weakening local currency.
The market sentiment was further dampened by the release of national government outstanding debt data, which showed an increase partly due to the peso's depreciation.
The peso closed at P58.92 against the US dollar on Wednesday, down from P58.521 on Tuesday.
The PSEi slid anew on Thursday, shedding 0.31 percent or 18.26 points to end at 5,887.58.
Lingering concerns over the Philippines' economic growth outlook and rising expectations of a Bangko Sentral ng Pilipinas (BSP) rate cut in their December meeting contributed to the peso weakening below the 59 level.
The peso closed at P59.022 against the US dollar on Thursday.
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The Philippine Stock Exchange index (PSEi) experienced a decline, closing at 5,905.84, down 1.48 percent, as investors took profits in the absence of positive catalysts.
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Philippine stocks declined on Friday as investors cashed in gains from the recent rally amid economic uncertainties.
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The Philippine peso weakened against the US dollar, closing at P59.022 on Thursday.
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