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Peso appreciates, stocks down on Tuesday

MANILA: The peso closed stronger against the dollar on Tuesday while the local stock market continued to decline, following the International Monetary Fund’s lower Philippine economic growth projection for this year.

The peso closed stronger against the dollar at 58.68 from the 58.79 finish on Monday.

It opened at 58.74 and traded between 58.66 and 58.745 bringing the weighted average for the day at 58.697.

Total volume rose to USD1.05 billion from USD604.8 billion on Monday.

Meanwhile, the benchmark Philippine Stock Exchange index (PSEi) shed 48.57 points to close at 6,410.07 while All Shares declined by 17.19 points to 3,450.05.

“The local market dropped by 48.57 points (0.75%) to 6,410.07 as investors digested the International Monetary Fund’s downward revision of its projection for the Philippines’ economic growth for this year after the slower-than-expected Q1 (first quarter) 2024 GDP (gross domestic product) data,” said Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio.

he IMF expects the Philippine economy to grow by 6 percent this year, slightly lower than its 6.2 percent earlier forecast.

“Adding to the woes was the foreign outflow of P742.96 million as foreigners were net sellers during Tuesday’s session. Investors also took a cautious stance ahead of the local holiday,” said Plopenio.

All sectors were in the red with the Services dropping the most, plunging 1.79 percent, followed by the Mining, and Property, which declined by 1.44 percent and 1.02 percent respectively.

The losers edged the gainers 99 to 81.

Source: Philippines News Agency