Philippine stocks fall on higher inflation fears

A higher inflation rate in November caused investor sentiment to decline, leading to a second straight day of slightly lower Philippine stock prices on Friday, December 6.

The benchmark Philippine Stock Exchange index dropped by 0.06 percent, closing at 6,729.96 points, while the All Shares index edged up by 0.02 percent to end at 3,729.96 points.

Investors remained cautious ahead of the release of November's inflation results, with net foreign selling amounting to P468.59 million on Thursday and continuing a cautious stance.

Value turnover was nearly identical to the previous day at around P5.16 billion, with financials leading gains by 0.35 percent and services increasing by 0.34 percent.

Market breadth was positive as advancers outnumbered decliners, with banking giants Bank of the Philippine Islands and BDO Unibank among the top traded companies.