Peso hovers at 10-year low, shares open lower

ABS-CBN News

Posted at Mar 03 2017 10:13 AM

 

MANILA - The peso lost more ground against the dollar on Friday, while share prices opened lower, tracking movements in world markets.

The peso opened weaker at P50.34 from P50.31 on Thursday, holding at its lowest levels since September 2006.

The Philippine Stock Exchange Index was down 0.11 percent to 7,227.30 in early trading after it snapped a four-day slide on Thursday.

The dollar strengthened against major currencies while Asian stocks were broadly lower as investors braced for an interest rate increase in the US.

Philippine shares are poised to close lower on Friday, with the looming Federal Reserve increase expected to weigh on property stocks while boosting the banking sector, Luis Limlingan, managing director at Regina Capital told ANC's "Market Edge with Cathy Yang."