Stock market plunges 2.58%; peso rises to P57:$1 territory

By The Manila Times

Aug 06, 2024 12:23 am

THE stock market plunged on Thursday on continued fears of a US recession, but the peso closed at its strongest in over two months as rate cut expectations heightened.

The benchmark Philippine Stock Exchange index (PSEi) tumbled by 2.58 percent, or 170.57 points, to 6,434.73 while the peso gained 18 centavos to P57.9 against the dollar, its highest close since May 20.

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