Philippine stocks plunge 1.08% amid political noise and weakening peso

Philippine stocks declined on Thursday, with the PSEi falling 1.08% to 6,042.28, as political noise over corruption allegations and a weakening peso rattled investor sentiment.

The peso weakened against the US dollar, closing at P58.10, influenced by cautious signals from US Federal Reserve officials regarding potential interest rate cuts due to ongoing inflation and a sluggish job market.

Market analysts noted continued selling pressure and the absence of positive trading days throughout the week, with the peso breaching the 58 to $1 mark.

US equities also experienced a downturn as investors evaluated comments from the Federal Reserve and the inflation outlook.

All local counters were again in the red, with mining and oil taking the biggest blow with a 2.81-percent plunge.

Total value turnover slightly improved to P6.97 billion from the previous day's P5.26 billion.

Market breadth remained negative as decliners squashed advancers, 134 to 64, while 50 issues did not change hands.