Peso freefall spooks investors

Philippine shares continued their downtrend on Wednesday as the peso hit a new low against the US dollar ahead of a prospective monetary tightening by the US Federal Reserve. By the closing bell, the benchmark Philippine Stock Exchange (PSE) Index fell 1.66 percent, or 106.77 points, to 6,341.69, while the broader All Shares index tumbled 1.38 percent, or 47.22 points, to 3,385.52. Heavy selling pushed down all PSE sub-indices, save for mining and oil, which rose 0.18 percent. Financial and property counters dropped 2.49 percent and 2.22 percent, respectively, while industrial, services and holding firms also retreated. On Wednesday, the peso fell to a record low of P58 against ...

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