Peso Down on Foreign Selling in PSE Anew

By TED CORDERO, GMA News

Foreign selling on the Philippine Stock Exchange weakened the peso against the dollar for the second straight day on Wednesday.

The local currency shed 9 centavos to close at P46.690:$1 from P46.600 on Tuesday.

“The peso depreciated today as stronger capital outflows pushed the dollar higher after it was initially crippled in the early morning session by last night’s weaker-than-expected US non-manufacturing data,” Guian Angelo Dumalagan, market economist at Land Bank of the Philippines, told GMA News Online.

“Outflows were quite evident in the stock market,” Dumalagan said.

Fears of an interest rate hike by the US Federal Reserve is keeping the pressure on foreign investors to liquidate their stock positions.

Foreign selling reached P7.174 billion while foreign buying totaled P4.494 billion, according to PSE data. — VDS, GMA News

(Source: GMAnetwork.com)