MANILA -- The Philippine peso, hovering around a 12-year low, weakened further against the greenback, while the local stock market slipped deeper into bear-market territory on Wednesday.
The local unit closed today's session at 53.48 against the greenback, 4 centavos weaker than yesterday's finish of 53.44.
Philippine Stock Exchange Index, on the other hand, sank 0.70 percent, or 50.99 points, to settle at 7,261.62 points.
A bear market is a period marked with falling stock prices. It is marked by a downturn of 20 percent in stock prices over a two-month period.
The broader all shares shed 21.49 points or 0.48 percent to close at 4,460.22 points.
Almost all subcounters suffered losses led by Holding Firms, which dropped by 0.99 percent; followed by Services, 0.56 percent; Financial, 0.42 percent; Industrial, 0.42 percent; Property, 0.30 percent.
Only Mining and Oil registered an uptick of 0.25 percent.
Total volume reached 1.699 billion amounting to PHP5.33 billion.
Losers led gainers at 103 to 92, while 45 shares remained unchanged. (PNA)
