Philippine Peso Stable but Stock Market Declines Amid COVID-19 Concerns

The Philippine peso ended unchanged against the US dollar on Thursday, trading at 50.00 per dollar.

Despite the stable currency, the Philippine Stock Exchange index (PSEi) declined by 1.14 percent to 6,118.26 points due to concerns over rising COVID-19 cases and trade tensions between the US and Europe.

Mining and Oil registered the biggest drop in the stock market with a 2.92 percent decrease, followed by Financials, Services, and Holding Firms.

On Monday, stocks ended higher despite worries about increasing coronavirus cases, with the PSEi rising by 0.51 percent to 6,347.43 points, while the peso weakened slightly against the US dollar.