Manila:The Philippine Stock Exchange index (PSEi) fell for a fourth consecutive session on Wednesday, influenced by concerns over inflation and growth, although the local currency gained strength against the US dollar.
According to Philippines News Agency, the PSEi decreased by 0.33 percent to close at 5,795.14 points, while the broader All Shares index dropped by 0.21 percent to 3,246.44 points.
The decrease in the market is attributed to weak economic confidence due to inflation and growth concerns. Additionally, rising local treasury yields negatively impacted the market, as reported by Philstocks Research.
Within the sectoral indices, the Property index was the only sector to see gains, increasing by 0.45 percent. In contrast, the Services sector experienced the largest decline at 0.73 percent, followed by Mining and Oil with a drop of 0.57 percent, Holding Firms down by 0.49 percent, Financials decreasing by 0.11 percent, and Industrials slightly down by 0.02 percent.
Trading volume was relatively low, with 839.56 million shares traded, amounting to a total turnover of PHP8.9 billion. Declining stocks outnumbered advancing ones, with 105 decliners, 77 advancers, and 62 issues remaining unchanged.
Meanwhile, the Philippine peso strengthened against the US dollar, closing at 62.58 compared to Tuesday's close of 62.72. The peso opened stronger at 62.49, traded within a range of 62.49 to 62.69, and averaged at 62.61 throughout the day. The trading volume increased to USD1.64 billion, up from the previous day's USD1.28 billion.
