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Peso recovers, shares open lower

MANILA – The peso recovered against the dollar while share prices opened lower on Friday, as Asian markets took a breather.

The peso opened at P50.16 against the dollar from P50.225 on Friday, hovering near 10-year lows. Concerns over the pace of interest rate increases in the US had weighed on the peso this week.

The Philippine Stock Exchange Index was down 0.14 percent to 7,325.47.

Investors will look to corporate earnings for direction, BDO Capital President Ed Francisco told ANC’s “Market Edge with Cathy Yang.”

The arrest of President Rodrigo Duterte’s critic, Senator Leila de Lima, on drug charges is unlikely to dampen market sentiment in the long term, Francisco said.

“It will not really impact that much. This is just noise, it wll die down,” he said.

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