Peso dips to new near 11-year low of P50.695:$1

July 10, 2017

The peso closed to a new near 11-year low of P50.695 against the US dollar on Monday, down from P50.58 on Friday. The Philippine currency was at P50.608 against the dollar on morning trading with volume of $75.3 million at the Philippine Dealing System. But volume picked up in afternoon with $363.5 million as the peso weakened to P50.674. Total turnover reached $438.8 million from $514.7 million. The peso last reached these levels on September 4, 2006 when it closed at P50.755 against the US dollar. The Philippine Stock Exchange Index closed 51.86 points lower to 7,837.47 despite some foreign buying. At the broader market, there were 104 decliners, 91 gainers and 51 unchanged. Volume turnover 1.65 billion shares valued at P7.09 billion. Foreigners bought P3.16 billion and sold P3.13 billion worth of shares. Gainers were led by Leisure and Resorts World, up 24.29 percent to P3.07, SFA Semiconductors, up 14.64 percent to P2.74 and Global Estates Resorts up 13.29 percent to P1.79 Most active shares were led by Metrobank, 1.51 percent to P44.15. DMS