MANILA – The local stock market declined on Thursday, while the peso closed at its lowest level since Nov. 3, 2022.
The Philippine Stock Exchange index (PSEi) went down by 39.66 points, closing at 6,371.75, while the broader All Shares also declined 26.17 points to 3,425.57.
"The local market dropped by 39.66 points (0.62%) to 6,371.75 following the rise in the US’ long term Treasury yields. The climb in yields resulted in the further decline of the Philippine peso against the US dollar which in turn weighed on the local bourse," Philstock Financials, Inc. research and engagement officer Mikhail Plopenio said.
"Also, inflation worries were heightened after the Bangko Sentral ng Pilipinas stated that there is still a high probability that inflation may breach the upper end of the 2% - 4% target range. With its decline, the local bourse joined its neighboring peers which also traded lower for Thursday’s session," Plopenio added.
Except for Holding Firms, all sectors were in the negative territory with Properties dropping the most, losing 1.49 percent followed by the Industrials declining by 1.27 percent.
Losers edged gainers, 132 to 57.
The peso, meanwhile, closed at 58.635 to a dollar on Thursday, down from the 58.42 closing on Wednesday.
The peso's closing was its weakest performance since the 58.80 finish on Nov. 3, 2022.
It opened the day at 58.5 and traded between 58.5 and 58.73.
The weighted average for the day was at 58.62.
Total volume of trade slightly declined to USD1.38 billion from USD1.39 billion. (PNA)
