Peso stays at P58.80:$1; PSEi snaps 8-day slump

The currency ended the day at P58.8 against the dollar, unchanged from Friday when it matched a close last seen on Nov. 3, 2022.The benchmark Philippine Stock Exchange index , meanwhile, recovered some ground by climbing 1.85 percent, or 113.98 points, to 6,272.46.The broader All Shares index added 32.57 points, or 0.96 percent, to 3,407.77.The PSEi had fallen to 6,158.48, a six-month low, last Friday amid worries over the peso's weakness and the direction of key interest rates.

research associate Claire Alviar, meanwhile, said the PSEi's rebound was driven mostly by local investors looking to pick up bargains.'oreigners remained net sellers, registering a net outflow of P403.22 million,' she noted.'Many investors have decided to buy stocks at bargain levels after the market's steep decline last week,' Alviar said, adding that reports of an increase in government infrastructure spending had helped lift sentiment.

Source: News Formal (newsformal.com)

Stays At P58.80:$1 Psei Snaps 8-Day Slump

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