World Economy

Philippine Stocks Rebound

Philippine Stocks ReboundPhilippine Stocks Rebound

Philippine stocks continued to rally for the fourth straight day since the freefall last Monday as regional markets reacted positively to the better-than-expected, Xinhua reported. On Friday, the Philippine Stock Exchange index gained 76. 72 points or 1.09% to close at 7,098.81. On Monday’s trading, the PSEi fell 487.97 points, the biggest decline in a single day in absolute terms, to close at 6,791.01. On the same day, the Philippine peso, the local currency, also reached a low of 46.84 pesos to one US dollar after opening at 46. 70 pesos to the US dollar. This was the weakest exchange rate of the Philippine peso in five years.