Philstar
Stocks down, peso pierces 59:$1
Philippine stocks extended their decline, falling below the 6,400 mark and closing at 6,395.60, a 1.14% decrease.
The local market tracked the global slump in equities after the US Federal Reserve signaled a slower trajectory for future interest rate cuts.
This development is expected to influence the Bangko Sentral ng Pilipinas (BSP) to also implement slower rate cuts to defend the peso from further depreciation.
The mining and oil sector experienced the most significant losses, plummeting by 2.37%.
Market breadth remained negative, with decliners crushing advancers, and value turnover improved slightly to P5.86 billion.
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The Philippine Stock Exchange index (PSEi) dropped for a sixth consecutive day, closing at 6,469.08, down 32.63 points or 0.50 percent.
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The Philippine Stock Exchange index (PSEi) declined by 0.37 percent to close at 6,616.51 on Friday, marking losses in four trading days this week.
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The Philippine Stock Exchange Index (PSEi) closed with a marginal gain, influenced by rate cut news but tempered by concerns over the pace of future reductions and a weakening peso.
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The Philippine peso depreciated to P59:$1, matching a record-low last seen on November 26.
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