Inquirer
PSEi on 6th day losing streak ahead of rate setting
The Philippine Stock Exchange index (PSEi) dropped for a sixth consecutive day, closing at 6,469.08, down 32.63 points or 0.50 percent.
Investors adopted a cautious stance ahead of policy meetings by the US Federal Reserve's FOMC and the Bangko Sentral ng Pilipinas (BSP).
The Philippine peso weakened, closing at 58.99 per US Dollar from 58.87 previously, hitting an intra-day low of 59 to $1.
Philippine shares continued to drop ahead of the FOMC meeting and following the sentiment of regional markets, with investors attempting to clean positions before 2025.
Except for the Financials and Property sectors which declined, all other sectors closed in the red, with decliners outnumbering advancers.
Foreigners were net sellers for the day, contributing P487.26 million to the market's decline.
The volume of trade fell significantly to USD884.55 million from USD1.43 billion the previous day.
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