MANILA – Local stocks dropped on Wednesday (23 Oct 2024) as investors grew cautious due to the lack of fresh market catalysts, while peso-dollar trading was halted due to weather-related disruptions.
The Philippine Stock Exchange index (PSEi) fell by 0.61% to 7,367.66, with All Shares down by 0.85% to 4,050.76.
“The market retreated by 0.61% today as investors remain cautious without any new positive drivers,” said Japhet Tantiangco, research manager at Philstock Financials, Inc.
Mining stocks saw modest gains, rising by 0.43%, while the services sector recorded the largest loss, dropping by 1.92%. Decliners outnumbered advancers, 128 to 71.
Meanwhile, peso-dollar trading was suspended after Malacañang ordered the suspension of government office operations in Luzon due to Severe Tropical Storm Kristine (international name: Trami), according to the Bangko Sentral ng Pilipinas.
The storm led to the halt of both peso-dollar trading and monetary operations for the day.
ia/mnm
