Manila: Selling pressure continues to affect trading in the local bourse, resulting in further drop of the Philippine Stock Exchange index (PSEi) while the peso slipped against the US dollar. For the third straight day, the main index finished in the red, down by 0.19 percent to 6,128.89 points, and the All Shares by 0.07 percent to 3,618.03 points. Half of the sectoral gauges also declined, namely Financials, 0.79 percent; Services, 0.17 percent; Holding Firms, 0.08 percent. On the other hand, Mining and Oil rose by 2.50 percent, Property by 0.27 percent, and Industrial by 0.04 percent. Volume reached 1.16 billion shares, amounting to PHP5.58 billion. Decliners led advancers at 111 to 84, while 59 shares were unchanged.

According to Philippines News Agency, investor confidence appears to be waning as no clear positive catalyst is in sight. Moreover, sentiment remains uncertain with inflation expectations staying elevated, alongside forecasts that the Bangko Sentral ng Pilipinas (BSP) may delay rate cuts until next year instead of within this year, as pointed out by Luis Limlingan, Regina Capital Development Corporation head of sales.

Meanwhile, the local currency ended the day's trade at 57.51 from 57.16 the previous day. Its weakness showed early on after opening the day at 57.22 from 57.12 in the previous session. It traded between 57.14 and 57.54, bringing the day's average to 57.29. Volume reached USD1.92 billion, up from the USD1.06 billion a day ago.