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Philippine Stocks Drop With Peso on Typhoon Haiyan Devastation

Philippine stocks retreated, with the benchmark index falling the most in six weeks, amid concern the devastation from Super Typhoon Haiyan will weigh on economic growth. The peso declined to a five-week low.

The Philippine Stock Exchange Index slid 1.4 percent to 6,265.23 at the close in Manila, the steepest drop since Sept. 30. The peso weakened 0.9 percent to 43.580 per dollar, the sharpest loss since Aug. 22. The yield on the 11.375 percent local-currency government bonds due Oct. 2023 climbed 12 basis points to 3.65 percent, according to noon fixing prices from the Philippine Dealing Exchange Corp.