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Peso finishes 2006 at near 6-year high

Filipino traders throw confetti as they celebrate in front of the electronic board at the closing of markets at the Philippines Stock Exchange in the ...

Filipino traders throw confetti as they celebrate in front of the electronic board at the closing of markets at the Philippines Stock Exchange in the ...

The Philippine peso finished 2006 at its highest level in nearly six years Friday on steady inflows of remittances from Filipino expatriates and a lack of corporate demand for the U.S. currency.
The dollar closed at 49.03 pesos to the U.S. dollar, down from 49.10 pesos on Thursday.
Philippine shares climbed to their highest level in nearly 10 years Friday, the last trading day of the year, lifted by stocks with rosy growth prospects. The benchmark Philippine Stock Exchange Index advanced 39.16 points, or 1.3 percent, to 2,982.54 - its best finish since April 7, 1997. The index gained 2.1 percent Thursday.
"The market may try to move toward the 3,000-point resistance ... next week," said Citiseconline investment analyst Mark Alan Canizares. "The momentum is there right now in the market and there are no negative developments," he said.


Updated : 2021-06-22 11:47 GMT+08:00