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Saturday, July 09, 2005
Stocks up, peso down
MANILA - Share prices closed 1.57 percent higher yesterday, bouncing back from early losses after several Cabinet members resigned and called on President Gloria Arroyo to resign too and allow Vice President Noli De Castro to take over.
“It seems investors have positively taken the proposal to allow the Vice President to take over on hopes that this would provide a swift and less painful transition for the country,” said Gomer Tan of Regina Capital Development Corp.
At the currency market, investors were not as upbeat. The peso hit 56.44 to the US dollar. The all-time low is 56.45. (AFP/CTL)
(July 9, 2005 issue)
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