Peso weakens anew, stock market also drops as fears rise

By The Manila Times

Oct 09, 2024 12:35 am

THE peso continued to fall on Tuesday and the stock market retreated slightly from an over four-year high, with sentiment said to have weakened due to fears of a wider war in the Middle East and the reduced likelihood of another jumbo US Federal Reserve rate cut.

The currency shed 8 centavos to close at P56.905 against the dollar, while the benchmark Philippine Stock Exchange index shed 17.43 points, or 0.23 percent, and ended the day at 7,537.25.

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