Peso slips further, stocks also down

ABS-CBN News

Posted at Jun 21 2017 04:36 PM

The peso continued to slide while the Philippine Stock Exchange closed lower for a second day joining other markets in Asia. 

The peso lost 19 centavos and closed at P50.29 to the strengthening US dollar.

Jomar Lacson of ATR Asset Management said the peso is likely to weaken further as the country continues to post deficits in its balance of trade and current account. 

Lacson said the BSP that may now be more inclined to intervene to stabilize the peso.

The PSE meanwhile lost 31 points or 0.4 percent and closed lower at 7,886. 

Some analysts point to China's looming inclusion in the MSCI Emerging Markets Index as potential drag to other markets including the PSE. 

But Lacson said the MSCI inclusion is not likely to have a significant effect.