MANILA — The Philippine Stock Exchange index (PSEi) continued its decline for the sixth straight trading day, closing 0.04% lower at 6,366.03, hitting a six-month low since December 2023. The peso also weakened to 58.76 against the US dollar, from 58.62 the previous day.
According to RCBC chief economist Michael Ricafort, factors such as rising global oil prices, tensions with China, local political instability, and a less optimistic outlook on rate cuts contributed to the bearish sentiment.
Despite the PSEi’s overall decline, most sectors, including Services and Holding Firms, saw gains. The All Shares index fell slightly by 0.06% to 3,438.46. In the currency market, trading volume increased to USD 930 million from USD 858.53 million on Tuesday.
(el Amigo/PNA)
