Philippine shares fall 1.22% amid US inflation wait

Philippine shares fell further on Wednesday as investors remained cautious ahead of the release of US November consumer inflation data, which will influence the Federal Reserve's policy decision next week.

The Philippine Stock Exchange index (PSEi) dropped by 1.22%, closing at 6,642.71 points, while the broader all shares index declined by 0.72% to 3,758.55 points.

Value turnover decreased to P5.23 billion with net foreign selling of P497.83 million, compared to Tuesday's figures.

Most sectoral indices declined, particularly services and property sectors, while financials showed a slight gain.

Investors are awaiting the release of US November inflation data overnight and producer price index on Thursday, which will determine the Federal Reserve’s next policy move.