The Philippine peso declined on speculation overseas investors will keep reducing holdings of the nation's stocks. South Korea's won also weakened.
Fund managers outside the Philippines sold more local shares than they bought for three days through Monday, the longest net sales since last November, according to the stock exchange.
Inflation eased to the slowest in more than three years last month, a report showed last week, giving the central bank more scope to cut interest rates.
"Stocks and the rate-cut speculation are both negative for the peso," said Minoru Shioiri, a senior manager of the foreign-exchange trading and credit division at Mitsubishi UFJ Securities Co in Tokyo. "Technically, the peso also seems to be under a downward correction."
The peso dropped 0.3 percent to 48.51 against the dollar as of 4:03pm in Manila, according to data compiled by Bloomberg.
The currency may slide to 48.80 this week, Shioiri said.
Global investors sold a net US$15.9 million in local stocks in the three days to Monday. The Philippine Stock Exchange Index declined 0.01 percent yesterday, adding to Monday's 0.4 percent drop and a 0.7 percent slide last week.
Philippine consumer prices rose 3.9 percent last month from a year earlier, the slowest since December 2003, the National Statistics Office said last Tuesday.
The slowdown confirmed the central bank's "inflation outlook" and gives policy makers "additional flexibility," central bank Governor Amando Tetangco said in a statement that day.
South Korea's won weakened to the lowest this month on speculation overseas investors will repatriate the proceeds from equity sales.
The won fell for a second day, reversing a gain, as stock exchange data showed fund managers outside of South Korea sold more shares than they bought for four straight days and last Thursday dumped the most in a month. The benchmark Kospi index of stocks, down 1 percent this year, on Monday had its biggest loss since Jan. 19.
The won dropped 0.2 percent to 939.50 against the dollar at the 3pm close of onshore trading, according to Seoul Money Brokerage Services Ltd.
Elsewhere, the New Taiwan dollar slid 0.2 percent to NT$33.081 on turnover of US$1.01 billion, the Indonesian rupiah fell 0.4 percent to 9,076 and the Singapore dollar slid 0.1 percent to S$1.5425.
As recently as last month, investors in China’s Internet stocks were clutching on to the belief that the companies would sail through the COVID-19 outbreak unscathed. Alibaba Group Holding Ltd (阿里巴巴), for example, was trading near historic highs, despite the e-commerce giant’s chief financial officer admitting days before that its biggest business would decline as a result of the squeeze on consumer spending. By the time Baidu Inc (百度) reported two weeks later, shares of the search engine provider had fallen 11.7 percent, while those of Alibaba were down 6.4 percent and social media powerhouse Tencent Holdings Ltd (騰訊) had slipped
STEPPING UP: The firm has also asked employees to work in split shifts from this week and to halt all but essential overseas business travel from next month Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has implemented a remote work policy for employees not on production lines in an attempt to curb the spread of COVID-19, the world’s largest contract chipmaker said yesterday. This is the first time in the Hsinchu-based company’s history that it has launched a large-scale remote work policy, joining global technology companies, such as Apple Inc and Google, that encourage employees to work from home. The chipmaker has also asked employees to work in split shifts from this week, it said. As the number of virus infections continues to climb worldwide, TSMC has urged employees to halt unnecessary
A two-hour drive south of Amsterdam in Veldhoven, workers decked out head-to-toe in protective gear toil in vast assembly halls. Before entering the inner sanctuary of the facilities, they meticulously layer on masks, gloves and special socks. A single speck of dust or a hair can have devastating effects on production. The result of all this painstaking process is an environment that is 10,000 times more purified than outside. As COVID-19 grips the world, it might just be the safest place to work right now. The teams belong to ASML Holding NV, which holds a de facto monopoly on the industry of
The cancelation of major sporting events and the decimation of the luxury, entertainment and travel industries is delivering a hammer blow to a global advertising industry that was already reeling from years of tech-led turmoil. What should have been a bumper year with UEFA Euro 2020, the Tokyo Olympics and US elections looks like it could be one of the worst for ad giants WPP PLC, Omnicom Group Inc, Publicis Groupe SA and IPG Inc as the economy shuts down. Advertising executives told reporters that clients are pulling campaigns, photoshoots for glossy magazines are off and major brands are cutting budgets to