PSEi, peso fall on weak economic data

The Philippine Stock Exchange index (PSEi) and the local currency closed weaker on Wednesday due to negative economic data.

The PSEi declined by 1.22 percent, or 82.11 points, closing at 6,642.71, with the All Shares index also falling by 0.72 percent.

Investors reacted to the widening trade deficit in October, which reached $5.80 billion, a 36.8 percent increase from the previous year.

Further dampening sentiment was the decrease in foreign direct investment (FDI) net inflows in September, dropping to $368 million from $577 million in the same period last year.

The World Bank's downgrade of its 2024 Philippine economic growth forecast from 6 percent to 5.9 percent also contributed to the negative market sentiment.

The local stock market also mirrored the decline observed in Wall Street.