Peso up, PSEi drops after OPEC output cut

by The Manila Times

Apr 05, 2023 12:53 am

THE peso and the stock market changed directions on Tuesday with investors said to have been spooked by a surprise Organization of Petroleum Exporting Countries (OPEC) Plus decision to slash output.

The currency strengthened by 23-and-a-half centavos to close at P54.495 against dollar, while the benchmark Philippine Stock Exchange index (PSEi) dropped 57.95 points, or 0.89 percent, to end the day at 6,472.04.

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