The local stock market ended the day in the negative territory while the peso depreciated against the US dollar yesterday.
“This Thursday, the local market dropped by 49.11 points (0.78 percent) to 6,219.16 as investors took negative cues from Wall Street overnight amid the continuous climb of the US’ long-term treasury yields,” Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.
“Adding to the concerns was the International Monetary Fund’s projection that inflation would not fall within the government’s target range of 2 to 4 percent by the end of this year,” Plopenio added.
All Shares also fell by 19.61 points to 3,365.79.
Almost all of the sectors in the index declined, except for Property which gained 3.81 points.
Decliners led advancers at 117 to 50, while 53 shares were unchanged.
Plopenio said the ongoing tension in the Middle East kept many on the sidelines as well.
The peso, meanwhile, closed at 56.87 to a dollar on Thursday, down from the previous day’s finish at 56.7.
The local currency kicked off at 56.87 and traded between 56.83 and 56.9 to the greenback.
The volume of trade went up to USD990.3 million from Wednesday’s USD877.55 million.*PNA
