Stocks lose steam, peso declines despite strong growth numbers
Stocks lost steam after the government announced third quarter growth figures and ended lower on Thursday.
The Philippine Stock Exchange index climbed to as high as 115 points at 10:15 before it steadily reduced its early gains. The index closed 83.64 points to end at 7,050.12.
The dollar’s strength outweighed the strong growth numbers as the peso went up to P49.54 against the greenback in morning trading.
The peso closed at P49.56 against the dollar from Wednesday’s P49.35 against the greenback. Volume rose at the Philippine Dealing System. Turnover went up to $821.50 million from Wednesday’s $666.50 million. DMS.