Peso falls to new 11-year low
The Philippine peso closed at a new 11-year low of P50.23 against the US dollar in heavy volume on Monday at the Philippine Dealing System.
Volume jumped to $723 million from $532 million as the currency finished at its lowest since September 26, 2006 when it settled at P50.32.
Stocks ended higher as the Philippine Stock Exchange index finished at 7, 281.19, up 36.40 points. But the broader market was mixed as advances edged decliners, 97-96 with 45 issues unchanged.
The mining sub-sector, which pulled the market down last week after the Department of Environment and Natural Resources announced the cancellation of 75 mineral production sharing agreements, bounced back with a gain of 193.06 points to 12, 171.27.
Volume reached 1.53 billion shares worth P5.61 billion. Foreign selling amounted to P2.87 billion while foreign buying was at P2.48 billion.
On Friday, turnover was 2.29 billion shares valued at P7.59 billion. DMS