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PSEi down amid global crude oil price correction, peso strengthens

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The local stock barometer declined while the peso continued to strengthen against the United States dollar on Thursday.

The benchmark Philippine Stock Exchange index (PSEi) dropped 81.23 points, or 1.2 percent, to 6,439.52, while the broader All Shares also fell by 46.06 points to 3,388.35 level.

All counters closed in the negative territory, with the biggest decrement from Industrial which declined by 93.01 points.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said “Santa Claus” rally, or the sustained increase in the stock market near the Christmas holiday, started last Dec. 14.

Ricafort said that despite the shedding of stocks on Thursday, PSEi’s closing was still among the four-month highs.

“The PSEi also corrected lower recently after global crude oil price corrected to 2-week highs,” he added.

On the local front, the risk of drought that could extend until the second quarter of next year which could lead to elevated prices of goods also weighed on investors’ sentiment.

Losers led gainers at 118 to 61, while 52 issued remained unchanged.

Meanwhile, the peso continued to gain strength closing at 55.57 to a US dollar from Wednesday’s finish of 55.75.

It kicked off the day at 55.78 before trading between 55.57 and 55.79.

The average level for the day stood at 55.69 to the greenback.

Trade volume decreased to USD841.25 from USD1.59 billion during yesterday’s trading.*PNA

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