Peso trades flat on stock market sell-off

The peso was unchanged against the dollar at the close of trading on Wednesday in light of the sell-off in the Philippine stock market ahead of the fourth quarter gross domestic product (GDP) report.

The local currency closed at P49.810:$1, steady from 49.810 on Tuesday.

"The dollar was weaker against major currencies and in the region but there's selling in the local stock market, which offset the peso's strength," Emilio Neri Jr., lead economist at the Bank of the Philippine Islands, told GMA News Online.

The peso traded at a high of 49.770 and a low of 49.870 after it opened at 49.840.

Neri noted the sell-off in Philippine shares may be attributed to positions taken by investors ahead of the GDP numbers to be released on Thursday. Some may have already priced in the upcoming economic data, he said. — VS, GMA News