(PNA graphics)
The Philippine Stock Exchange index (PSEi) fell for a fourth consecutive session on Wednesday as concerns over inflation and economic growth weighed on investor sentiment, while the peso strengthened against the US dollar.
The PSEi slipped 0.33 percent to 5,795.14, while the broader All Shares index declined 0.21 percent to 3,246.44.
Philstocks Research attributed the market’s continued weakness to concerns over inflation, slower growth prospects and rising local Treasury yields.
Property was the only sector to finish higher, gaining 0.45 percent. Services posted the biggest decline at 0.73 percent, followed by Mining and Oil at 0.57 percent and Holding Firms at 0.49 percent.
Financials slipped 0.11 percent, while Industrials edged down 0.02 percent.
A total of 839.56 million shares valued at Php 8.9 billion changed hands. Decliners outnumbered advancers, 105 to 77, while 62 issues were unchanged.
Meanwhile, the peso strengthened to 62.58 against the US dollar from Tuesday’s close of 62.72.
The local currency opened at 62.49 and traded between 62.49 and 62.69, averaging 62.61 for the session.
Foreign exchange volume rose to USD 1.64 billion from USD 1.28 billion in the previous session.
