MANILA – Local shares closed the trading weak on Thursday while the peso moved sideways.
The Philippine Stock Exchange index (PSEi) shed 61.64 points, closing at 6,510.87, while All Shares likewise went down by 25.45 points to 3,451.21.
"This Thursday, the local market dropped by 61.64 points (0.94 percent) to 6,510.87 as investors seemed to have weighed negative factors offshore," Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.
"Firstly, it tracked losses from Wall Street overnight amid rising US long-term treasury yields. The stronger-than-expected US retail sales data, which rose 0.6 percent, tempered near-term rate cut hopes by the Federal Reserve."
All sectors closed in the red, led by Mining and Oil, which shed 157.72.
Decliners led advancers at 112 to 66 with 51 shares unchanged.
Meanwhile, the peso moved sideways, closing at 55.84 to the US dollar from Wednesday's 55.93 finish.
The currency opened the day at 55.87 and traded between 55.76 and 55.90.
The weighted average for the day stood at 55.82.
The total volume of trade went down to USD1.43 billion from the previous day’s USD1.73 billion. (PNA)
