Virus curbs: A file picture showing a woman receiving a vaccine against Covid-19 in Manila.
A spike in virus cases since mid-March spurred the Philippine
government to reimpose lockdowns. AFP
MANILA: A rout that’s made the Philippine benchmark equity gauge the worst performer in the Asia-Pacific region risks worsening in the wake of fresh virus curbs.
The Philippine Stock Exchange Index has tumbled 7.7% so far in 2021. While a two-day bounce has lifted the gauge above a critical 200-day support line, surging Covid-19 infections and fears of a lengthy lockdown in Manila have prompted investors such as Gerard Abad to hoard cash as they brace for further turbulence.
THE PESO strengthened against the greenback on Thursday following the release of trade data, which showed a continued slump in imports in February.
The local unit closed at P48.54 per dollar on Thursday, gaining 4.5 centavos from its P48.585 finish the day prior, data from the Bankers Association of the Philippines showed.
Week on week, however, it depreciated by a centavo from its P48.53 close on March 31.
The market is closed on Friday in observance of the Day of Valor.
The peso opened the session at P48.64 per dollar. Its weakest showing was at P48.66, while its intraday best was at P48.50 against the greenback.
Philippine trade deficit widened by 16 5% to $2 29B in February — PSA gmanetwork.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gmanetwork.com Daily Mail and Mail on Sunday newspapers.
April 7, 2021 | 9:00 pm Font Size
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THE PESO closed sideways against the greenback on Wednesday as the market awaits clarity on restrictions on movement after this week and new signals from the US Federal Reserve.
The local unit closed at P48.585 per dollar on Wednesday, depreciating by 1.5 centavos from its P48.57 finish on Tuesday, data from the Bankers Association of the Philippines showed.
The peso opened yesterday’s trading session at P48.53 versus the dollar. Its weakest point was at P48.625, while its intraday best was at P48.52 against the greenback.
Dollars exchanged inched up to $581.8 million on Wednesday from $559.3 million on Tuesday.