MANILA – Local equities dropped on Wednesday, tracking other Asian stock markets, while the peso moved sideways.
The Philippine Stock Exchange index (PSEi) fell to 6,149.18 level, shedding 81.02 points. All Shares also declined by 28.62 points to 3,330.81.
“PSEi slipped by 81.02 points (1.30 percent) to 6,149.18, mirroring the trend seen in many other Asian markets, as investors booked some gains ahead of the release of the US inflation rate. This crucial data is anticipated to affect the decision of the Federal Reserve on interest rates at their upcoming meeting this month,” Philstocks Financial, Inc. research associate Claire Alviar said.
Most counters closed in the negative territory, except for Mining and Oil which slightly gained by 4.52 points to 10,393.65.
Shares of Industrials posted the largest drop at 123.28 points, followed by Holding Firms, 90.71 points; Property, 37.06 points; Services,13.71 points; and Financials, 13.49 points.
“Moreover, net foreign selling weighed further on the market, posting at PHP436.54 million. Notably, foreign investors have consistently been net sellers for the past 17 days, accumulating nearly PHP15.90 billion in total. The net market value turnover stood at PHP4.51 billion,” Alviar added.
Losers outnumbered gainers at 100 to 70, with 47 issues were unchanged.
Meanwhile, the peso closed sideways at 56.72 against a US dollar from last Friday’s finish of 56.65 to the greenback.
It opened at 56.68 before trading between 56.60 and 56.73, bringing the average level at 56.67.
Volume of trade declined to USD1.02 billion from USD1.11 billion on Tuesday. (PNA)