The local stock market inched down yesterday 0.16 percent, closing at 6,758.59.
The peso closed weaker to 52.95 to the dollar, its opening level, from 52.915 on Wednesday.
The currency hit a high of 52.97 and a low of 52.9.
Volume amounted to $732.62
The Philippine stock exchange index shed 11.03 points, while the broader all shares shrunk 4.18 points or 0.12 percent.
“Local shares slid following the decline in the three major US indices the day before,” AB Capital Securities Inc. said.
Majority of the counters were in red, with the exception of the industrial sector which grew 1.07 percent.
Services posted the biggest loss for the day with a decline of 1.54 percent.
“Local shares closed lower as investors continued to look for cues of slowing economic growth,” said Luis Limlingan, managing director at Regina Capital and Development Corp., said.
“Yesterday, the bond market gave little hope to investors as the 10-year treasury yield rose above the three percent mark,” he added.
Total value turnover was at P5.29 billion.
Decliners beat advancers, 97 to 79, while 56 stocks were unchanged.
Asian currencies and stocks slid on Thursday as interest rate hike prospects in the United States and Europe dented global investor sentiment, while a rally in oil prices further rekindled inflation fears.
Central banks in Asia also have started to raise interest rates to curb red-hot inflation.
Stocks in the region also took a beating after the Wall Street suffered losses overnight. The Philippines’ benchmark index fell 0.8 percent to mark its biggest drop in a week, followed by a 0.7 percent drop in Malaysian and Indonesian equities.
Global markets are also turning their focus to the US consumer price report on Friday.
Meanwhile, oil extended gains underpinned by robust demand from top consumer US while prospects of demand recovery in China also aided the sentiment. – With Reuters
