malaysiang
MANILA – The local stock market ended the day in the positive territory, snapping its four-day rally while the peso closed stronger than the US dollar on Wednesday.
The Philippine Stock Exchange index (PSEi) fell 0.57 percent to close at 6,944.88, while the broader All Shares also declined by 0.53 percent.
Philstocks Financial research manager Japhet Tantiangco said the local stock market succumbed to selling pressures.
“Investors took a cautious stance while waiting for the US’ August inflation data which can provide clues on the Federal Reserve’s policy outlook,” he said.
“Investors also digested the widening of the Philippines’ balance of trade in goods deficit last July amid a tepid export performance, and the drop in its June foreign direct investment net inflows.”
Only the service sector ended the day without losses as it closed flat.
All other sectors declined with the properties losing the most, down by 2.49 percent.
Losers edged gainers 131 to 66.
The peso, meanwhile, closed strong against t
he US dollar at 55.975 from the 56.385 finish on Tuesday.
The local currency opened at 56.35.
It traded between 55.935 to 56.35, bringing the weighted average of the day at 56.132.
Volume of trade went up to USD1.71 billion from USD1.57 billion the previous day. (PNA)
Source: Philippines News agency
