MANILA – The local index dropped on the mid-week trading, trailing behind regional peers, even as the peso closed weak.
The benchmark Philippine Stock Exchange index (PSEi) fell below the 6,900-mark closing at 6,863.82, down by 96.61 points (1.39 percent).
The broader All Shares also shed 37.33 points (1.03 percent) closing at 3,589.38.
All sectoral indices closed in the red territory, with the biggest losses from the Property counter, down by 2.67 percent. This was followed by Holding Firms, Industrial, Financials, Services, and Mining and Oil.
Philstocks Financial Inc. research associate Claire Alviar attributed the movement to “negative cues from the US markets overnight as the US long-term treasury yields continued to rise.”
“At home, investors were also taking a cautious stance while waiting for the inflation rate in March, particularly with the expectation that it will be higher than February’s figure,” she added.
Net market value turnover this day stood at PHP4.22 billion.
Decliners outnumbered advancers at 119 to 71, with the counters of 49 firms left unchanged.
Meanwhile, the Philippine peso closed weaker, shedding 0.11 at 56.45 to a US dollar.
It opened the day at 56.30 before trading between 56.30 and 56.51.
The weighted average level for the day stood at 56.40 to the greenback.
Trade volume fell to USD1.19 billion from USD1.21 billion in the previous trading. (PNA)
