Nelson Morales

Philippine peso, stocks rebound a day after bloodbath

Article (news)

Arthur Fuentes

ABS-CBN News

MANILA – The Philippine peso and stock exchange rebounded on Tuesday after posting sharp declines on Monday. The peso clawed back into the 58-to-the-dollar territory, closing at P58.896 at the end of Tuesday’s trading. This was a day after the local currency fell to an all-time low of P59.50. Meanwhile, the PSE index regained some lost ground, rising 2.01 percent to 6,126.66. This was a day after the PSEi fell by almost 5 percent. The local bourse joined regional indices, which also staged rebounds following US President Donald Trump’s announcement that the US-Israel war versus Iran was “pretty much complete.” Japan’s Nikkei jumped almost 3 percent, while Korea’s Kospi was up over 5 percent, and Hong Kong’s Hang Seng was up over 2 percent. Oil prices also fell following Trump’s announcement, with the benchmark Brent Crude falling to the $90 per barrel level, a day after hitting almost $120. Optimism returned to markets after the US President said the war could end “very soon.”Iran, meanwhile, has vowed to fight on and warned it would try to block oil shipments from the Middle East.

The Philippine peso and stock exchange rebounded on Tuesday after posting sharp declines on Monday.

The Philippine peso and stock exchange rebounded on Tuesday after posting sharp declines on Monday.