Manila: The local bourse's main index posted a correction on Wednesday, partly ahead of the release of the domestic inflation rate for June, while the peso continued its flat close against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.07 percent to 6,419.05 points, and the broader All Shares by 0.06 percent to 3,796.91 points.

According to Philippines News Agency, half of the sectoral indices tracked the main gauge - Mining and Oil, Financials, and Services, which declined by 2.05 percent, 0.97 percent, and 0.22 percent, respectively. On the other hand, Property rose by 0.60 percent, Industrial by 0.47 percent, and Holding Firms by 0.005 percent. Volume reached 792.5 million shares, amounting to PHP7.77 billion. Decliners led advancers at 111 to 76 while 67 shares were unchanged.

Amid the decline of the PSEi, Rizal Commercial Banking Corp. (RBCB) chief economist Michael Ricafort said the main index's close during the day remains among the one-month highs. Among the drivers of the day's trading are the wait-and-see stance for the inflation rate in June, which the Philippine Statistics Authority (PSA) will report on Friday, and the drop in infrastructure spending for April due to the election ban.

On the other hand, the local currency kept its footing against the US dollar for the sixth consecutive day and ended the day's trade at 56.365 from 56.3 on Tuesday. It opened the day sideways at 56.27 and traded between 56.42 and 56.26, averaging at 56.34. Volume of trade reached almost USD1.59 billion, down from the USD1.97 billion the previous day.