Peso closes at new all-time low for fourth day
The peso closed at an all-time low against the dollar for the fourth straight trading session, ending at P58.50 on Friday.
The peso closed at P58.49 on Thursday. The peso's latest decline took place a day after the Monetary Board hiked policy rates by 50 basis points.
Volume at the foreign exchange portal of the Bankers Association of the Philippines declined to $985 million from Thursday's $1.514 billion.
The Philippine Stock Exchange index (PSEi) went down by 42.17 points to 6, 259.54.
Volume amounted to 491.33 million shares worth P4.83 billion from Thursday's 641.94 million shares valued at P5.92 billion.
In the broader market, 95 shares advanced while 92 declined and 42 were unchanged.
Most active shares were led by Ayala Land, down 55 centavos to P25; San Miguel Corp., unchanged at P97.65; ICT, up 90 centavos to P181.90 and SM Investments Corp., down P11.50 to P808. DMS