THE peso continued to gain against the dollar for a sixth straight trading day on Wednesday, and the stock market also rebounded from Monday's crash by rising back to the 6,500 level.
THE peso continued to gain against the dollar for a sixth straight trading day on Wednesday, and the stock market also rebounded from Monday's crash by rising back to the 6,500 level.The currency strengthened by 29-and-a-half centavos to P57.515:$1, its strongest close since May 16's P57.465, while the benchmark Philippine Stock Exchange index gained 101.93 points, or 1.58 percent, to 6,535.17.It had plunged to 6,434.73 on Monday, from 6,605.
research and engagement officer Mikhail Plopenio, meanwhile, said the PSEi gained 'as investors hunted for bargains after a three-day decline.''Along with our regional peers, the bourse tracked Wall Street's rebound overnight. Also, the strengthening of the local currency against the US dollar boosted sentiment,' he added.Regina Capital Development Corp.
Strongest Since Mid-May Psei Rebounds
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