Peso slightly stronger; PSEi gains more ground

THE peso edged up against the dollar on Tuesday, and the stock market regained more ground following last week's plunge.The currency strengthened by 3 centavos to P58.77 versus the greenback, a result Rizal Commercial Banking Corp. chief economist Michael Ricafort said was due to the dollar slightly weakening against major global currencies.The bargain-hunting that had lifted the benchmark Philippine Stock Exchange index , he added, also factored in the peso's gain.

research associate Claire Alviar said the bourse gained for a second day as investors continued to hunt for bargains.'oreign investors were net buyers this session, recording a net inflow of P11 million after nine consecutive days of net foreign selling worth P4.45 billion,' she added.'Investors were also anticipating the Bangko Sentral ng Pilipinas meeting this week for clues on the timeline of interest rate cuts.'Net market value turnover stood at P3.93 billion.

Source: News Formal (newsformal.com)

Slightly Stronger Psei Gains More Ground

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