Peso, stock market still breaking records on mid-trade Nov. 27
MANILA, Philippines - The country's capital markets continue their record-breaking stints on Tuesday morning, November 27, as external factors, including the Greece bailout deal agreed upon by European finance ministers and the International Monetary Fund.
At the foreign exchange market, the peso opened below P41, edging closer to the last time the peso closed stronger than this rate on March 7, 2008 when it hit 40.85 against the dollar.
Analysts have said that as the Chrismas season approaches, the remittances Filipinos abroad are sending to their families in the Philippines are helping the peso appreciate.
Central bank officials said they are closely watching the local currency since a strong peso affects the cost competitiveness of Philippine-based dollar-earnings, including the exporters and the business process outsourcing firms.
At the Philippine Stock Exchange, the main index broke a new intra-day record as it continues to soar on Monday morning.
The PSEi zoomed to 5,615.62, up 0.37% or 20 points as of 10:50am.
The rally was led by PLDT, BPI, SM and ALI.
The benchmark index is an indicator of investor confidence.
On Monday, November 26, the PSEi hit its 29th all-time high for 2012. - Rappler.com