Peso slightly dips as investors calm down

MANILA, Philippines—The peso closed a bit weaker on Wednesday as investors calmed after significant placements in emerging-market assets the past two days.

The local currency closed at 40.9 against the US dollar, down by 3 centavos from the previous day’s finish of 40.87:$1.

Intraday high hit 40.855:$1, while intraday low settled at 40.915:$1.

Volume of trade amounted to $616 million from $899.52 million previously.

Traders said the market corrected after heavy investments in portfolio assets pushed the peso to a 56-month high on Tuesday. The investments were anchored on a favorable outlook on the domestic economy.

They said, however, that the peso could appreciate again on Thursday as investors digest the news of the Philippine economic growth of 7.1 percent in the third quarter from a year ago, beating most expectations.