Philippine stock market declines 1.17%, peso weakens

The Philippine stock market declined on Thursday due to profit-taking, with the PSEi dropping by 1.17 percent to 6,389.49.

Investors are now focusing on economic indicators such as the first quarter GDP growth of 5.4 percent and the latest FOMC meeting outcomes for further market direction.

All counters closed lower, with Holding Firms experiencing the largest decline of 2.02 percent, followed by Mining and Oil at 1.98 percent.

The Philippine peso also weakened against the US dollar, closing at 55.63 from a previous day's close of 55.40.

Volume of trade decreased to USD1.7 billion compared to Wednesday’s USD2 billion.