Peso closes at P51.49 vs US dollar, stocks down

August 18, 2017

The peso weakened to P51.49 against the US dollar on Friday from P51.355 the previous day as volume soared at the Philippine Dealing System.

The Philippine currency hit an 11-year low of P51.63 intraday but slowly rallied in the afternoon session  Volume reached $1.006 billion from $688 million.

Friday's closing rate is the lowest since the peso closed at P51.455 on August 28, 2006.

Stocks retreated a day after the Philippine Stock Exchange index set a year's high on Thursday.

The index  closed at 8,016.73 down 56.02 points.  In the broader market, there were 107 decliners, 74 gainers and 58 unchanged.

Volume reached  1.36 billion shares valued at P5.39  billion. Foreigners were net buyers with purchases of  Pp2.98 billion compared to selling of P2.92 billion.

Most active shares included Metrobank, up 0.80 percent to P87.80 and Universal Robina Corp., up 1.01 percent to P150. DMS