Philippine stock market falls 2.34% for seventh straight day

The Philippine stock market continued its decline for a seventh consecutive day on Thursday, with the PSEi dropping by 2.34 percent to 6,557.09.

Investors' concerns over reduced foreign direct investments (FDIs) and expectations for third-quarter earnings reports contributed to the negative sentiment in the market.

All sectors ended lower, with the Mining and Oil sector experiencing the largest decline of 3.69 percent.

The peso remained almost unchanged against the dollar, closing at 58.777 compared to its previous close of 58.735.

Volume of trade increased to USD1.53 billion from USD1.43 billion as market activity picked up slightly.

Regina Capital Development Corporation's managing director, Luis Limlingan, noted that the PSEi extended its losses due to continued fund exits and the pullback in US equities.