Local shares declined for third straight trading day as US stocks dropped overnight after US’ personal consumption expenditure (PCE) report revealed a slight month-over-month uptick in inflation during October.
The Philippine Stock Exchange index went down 64.05 points or 0.96 percent to close at 6,638.54.
The broader all shares index declined 25.14 points or 0.67 percent to 3,734.94.PCE, which is the preferred inflation rate gauge of US Federal Reserve, edged higher to 2.8 percent in October from 2.1 percent in September.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said this latest inflation rate data from US could support cautious stance on future US Fed rate cuts.Meanwhile, analysts said the strengthening of the peso against the dollar did not help boost market sentiment.
The peso closed at 58.8290 to the US dollar on Thursday.
With the market’s recent decline, the PSEi’s next support level is 6,600.
All sectors ended in red. Industrial declined by 2.10 percent followed by property which dropped 1.48 percent.Value turnover reached P4.48 billion with just 68 gainers and 120 decliners while 53 names were unchanged.PLDT Inc. rose 0.70 percent to close at P1,299 per share while Jollibee Food Corp., dipped by 3.9 percent to P261.20 apiece.
