Manila:Lower income reports by some publicly listed firms dampened investors' appetite on Thursday, resulting in the negative close of the main index, but the local currency ended sideways against the US dollar.
According to Philippines News agency, the Philippine Stock Exchange index (PSEi) shed 0.57 percent to 5,660.55 points, and the broader All Shares declined by 0.78 percent to 3,175.76 points. All sectoral gauges also ended the day in the red, with Mining and Oil leading the decline at 3.91 percent, followed by Industrial at 1.78 percent, Holding Firms at 0.76 percent, Services at 0.37 percent, Financials at 0.25 percent, and Property at 0.05 percent.
Volume reached 844.66 million shares, amounting to PHP7.52 billion, with decliners outnumbering advancers 131 to 41, while 62 shares remained unchanged.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), noted in a market report that the main index was influenced by lower income reports for the first nine months of this year from some PSE-listed companies. This was attributed to slower domestic growth and an elevated inflation rate. Projections for upticks in the Federal Reserve rate until next year and an acceleration in US inflation rates also played a role.
On the other hand, the Philippine peso concluded the day sideways at 63.70 from its 63.25 close on Wednesday. It began the day weaker at 63.25 from 63.15 the previous day and traded between 63.7 and 63.25, with the day's average standing at 63.55. Volume reached USD1.72 billion, higher than the previous session's USD1.42 billion.
