Stocks, Peso Weaken as US Inflation Heats Up

The local stock market nosedived for a second straight session, while the peso breached the 57-level against the dollar, as stronger-than-expected inflation data in the US fueled concerns over prolonged high interest rates.

- By Richmond Mercurio and Keisha Ta-asan

The benchmark Philippine Stock Exchange index plummeted by 1.89 percent or 121.99 points to close at 6,337.48.

The broader All Shares index suffered the same fate, plunging by 1.55 percent or 59.02 points to 3,748.25.