The benchmark Philippine Stock Exchange Index (PSEi) rebounded on Monday after the Bangko Sentral ng Pilipinas (BSP) calmed the market and said it was ready to buoy the weakening peso.
By the closing bell, the PSEi was up 1.15 percent to 6,913.87 while the broader all shares index rose 0.84 percent, or 35.48 points, to 4,270.02.
Chris Mangun, research head at stock brokerage firm AAA Equities, said the currency volatility was “one of the main concerns right now due to its direct effect on the economy.”
“The market bounced back after BSP Governor Diokno expressed in an interview this morning that they are currently not worried about the weakness of the peso and that they are read…
Keep on reading: BSP placates stocks from onslaught of volatile peso