MANILA: The local stock market dropped to 7,000 level, while the peso strengthened on mid-week’s trading.
The Philippine Stock Exchange index (PSEi) declined by 0.39 percent to 6,878.54.
All Shares also went down by 0.46 percent to 3,587.59.
“The local bourse dropped by 26.92 points (0.39%) to 6,878.54 as investors continued to digest the latest inflation rate figures. Additionally, negative cues from Wall Street overnight weighed on sentiment,” Philstocks Financial, Inc. assistant research manager Claire Alviar said.
The banking sector was the sole gainer, up by 0.79 percent, while the other sectors were in the negative territory, with the Industrials having the biggest loss of 1.29 percent.
The peso, meanwhile, closed at 55.87 to a dollar, higher than the 55.95 finish the previous day.
It opened at 55.93 and traded between 55.85 and 55.93. The weighted average rate stood at 55.889.
Total volume of trade reached USD905.5 million from USD821.65 million on Wednesday.
Source: Philippines News Agency