Philippine stock market edges lower, PSEi down 0.57%

The Philippine stock market closed slightly below the 7,000-mark on Wednesday, ending its four-day rally positively but with a slight decline.

The PSEi index fell by 0.57 percent to close at 6,944.88, while the broader All Shares also declined by 0.53 percent.

Philstocks Financial research manager Japhet Tantiangco attributed the market's cautious stance to investors' anticipation of US August inflation data and concerns over the Philippines' balance of trade deficit and foreign direct investment net inflows.

The service sector was the only one that closed flat, while all other sectors declined, with properties losing the most by 2.49 percent.

The Philippine peso strengthened against the US dollar, closing at 55.975 from 56.385 on Tuesday, and trading volume increased to USD1.71 billion from USD1.57 billion.