Stock index declines, peso hits new 12-year low of P 53.80:$1

September 6, 2018

The main stock index slumped while the peso closed at a new 12-year low Thursday, a day after the government released a higher-than-expected inflation rate for August.

The peso settled at P53.80 against the US dollar, down from P53.55 on the previous day but volume at the  Bankers Association of the Philippines reached $911.50 million from $1.38 billion. The closing rate was the lowest since December 2005.

The Philippine Stock Exchange index ended 113.75 points lower to 7,638.71 after falling by as much as 180 points. In the broader market, there were 161 decliners, 37 gainers and 41 shares unchanged.

Volume reached 1.17 billion shares worth P6.7 billion from Wednesday's 1.69 billion shares valued at P5.89 billion.

Most traded shares were led by BDO Unibank, down 2.43 percent to P120.50; Globe Telecom, down 0.57 percent to P2,078; SM Prime, down 1.19 percent to P37.30 and Ayala Corp., down 2.98 percent to P944. DMS