A BIGGER-THAN-EXPECTED second-quarter growth slowdown weighed on financial markets on Thursday, with the peso dipping versus the dollar, and the benchmark Philippine Stock Exchange index (PSEi) plunging back to the 6,400 level.
THE peso fell for a fourth straight trading day against the dollar, returning to the P56:$1 level on Monday, while the stock market benefited from bargain-hunting to post a rise back to 6,500 territory following last Friday s sell-off.
THE Philippine Stock Exchange index (PSEi) dropped by 34.81 points or 0.53 percent to 6,472.97 as investors stayed on the sidelines, waiting for some key economic data to be released this week.
THE stock market could regain some ground following last week s selloff but volatility should also be expected ahead of the release of second quarter growth data this Thursday, analysts said.
THE peso continued to fall on Friday and the stock market erased the previous day s rebound by plunging back to the 6,400 level despite news that domestic inflation had fallen further in July.