Peso weakens as stocks rise on mixed market
On Thursday, May 7, the Philippine Stock Exchange index (PSEi) rose by 0.25 percent despite a negative GDP report for the first quarter.
The peso weakened against the US dollar to 50.56 from 50.46 due to concerns over the economy's contraction.
Volume in stocks was PHP4.9 billion with decliners leading advancers, while in forex it was USD558.39 million.
On Wednesday, May 6, the peso ended sideways at 50.46 and the PSEi declined by 0.57 percent.
Mining and Oil sectors led declines on Wednesday, followed by Industrial, Financials, Holding Firms, and Services.
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