Philippine stock market slips, peso strengthens

The Philippine stock market slipped on Wednesday after two days of gains, with the PSEi declining by 0.26 percent to 7,437 points and All Shares increasing by 0.27 percent to 4,097.56.

All sectoral indices except Mining and Oil closed higher, with Financials and Industrials rising by 0.04 percent and 0.32 percent respectively.

Regina Capital Development Corporation managing director Luis Limlingan noted that investor optimism had propelled the market's recovery but it settled back to the 7,400 level as expectations for a Monetary Board rate cut remained uncertain.

The Philippine peso closed slightly stronger at 57.7 against the dollar, up from Tuesday’s closing of 57.865.

Foreign exchange volume declined to USD1.3 billion from USD1.4 billion in the previous trading session.