THE peso hit a new near-19-month low on Thursday, weakening by 21-and-a-half centavos to P58.635 against the dollar, and the stock market fell for a fifth straight day to an over five-month low of 6,321.75

It was the currency's lowest close since Nov. 3, 2022's P58.80:$1. For the benchmark Philippine Stock Exchange index, the result of Thursday's 39.66-point or 0.62-percent drop was the lowest since Dec. 13, 2023's 6,255.74.

The broader All Shares index also closed in the red, falling by 0.76 percent, or 26.17 points, to 3,425.57.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso weakened as US Treasury yields rose on prospects that the Federal Reserve would keep key interest rates higher for longer.

Philstocks Financial Inc. Research and Engagement Officer Mikhael Plopenio echoed this, saying that "the local [stock] market dropped following the rise in the US' long-term Treasury yields."

"The climb in yields resulted in the further decline of the Philippine peso against the US dollar which in turn weighed on the local bourse," he added.

"Also, inflation worries were heightened after the Bangko Sentral ng Pilipinas stated that there is still a high probability that inflation may breach the upper end of the 2.0- to 4.0-percent target range."

The currency opened at the day's low of P58.5 versus the greenback and traded as high as P58.73. Volume reached P1.387 billion, slightly lower than the P1.399 billion recorded a day earlier.

All but one of the stock market's sector indices, meanwhile, closed lower, with property down the most by 1.49 percent. Holding firms, up 0.38 percent, were the only gainer.

Decliners outnumbered gainers, 132 to 57, while 52 were unchanged.