Philippine stocks slip, peso steady

Philippine stocks slipped on Thursday with the PSEi dropping by 1.57 percent due to developments in the US, while the peso ended sideways against the dollar.

Federal Reserve Chairman Jerome Powell's testimony highlighted an uneven economic recovery and discussions about unwinding the Fed’s asset-purchase program influenced market performance.

On Wednesday, both the PSEi and the peso ended sideways partly because of a higher-than-expected US inflation rate in June, challenging the Federal Reserve’s view that high inflation would be temporary.

Mining and Oil was the only sector to post gains on Thursday with a 0.91 percent increase, while most other sectors declined.

Volume reached PHP4.89 billion on Thursday compared to PHP3.23 billion on Wednesday, reflecting higher trading activity.