Stocks drop on weakening peso

The continuing weakness of the peso against the dollar pulled down share prices yesterday.

- RICHMOND MERCURIO and KEISHA TA-ASAN

The benchmark Philippine Stock Exchange index (PSEi) slipped by 0.63 percent or 43.14 points to end at 6,806.86.

Also finishing the session in negative territory was the broader All Shares index, declining by 0.40 percent or 15.20 points to settle at 3,796.54.

"The peso's weakness against the dollar, continuously testing the 59 level, weighed on the market," Phil-stocks Financial research manager Japhet Tantiangco said.

The peso returned to the 59 to $1 mark yesterday, depreciating by one centavo from its 58.99 to $1 finish on Monday.