Wednesday 19 September 2018
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3 months ago

Local stocks slump on peso weakness

The peso s depreciation to a 12-year-low against the US dollar ahead of a closely watched US Federal Reserve s monetary policy-setting dragged the local stock barometer down to the 7,600 level yesterday. The main-share Philippine Stock Exchange index (PSEi) fell by 168.32 points or 2.17 percent to close at 7,602.98 while foreign selling escalated as the peso crossed the 53:$1 mark. There was heavy net foreign selling amounting to P1.51 billion for the day. The peso depreciation will have a large ne

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