The PSEi resumed its downward trend after a short respite as investors continue to worry about the local and global economies.

However, the main index managed to recover most of its early losses and ended with only 11.03 points lower or 0.16 percent to close at 6,758.59 as the Services sector led the decline although the Industrial counter managed to advance.

Volume remained thin at 827 million shares worth P5.29 billion as losers beat gainers 97 to 79 with 56 unchanged.

“Local shares closed lower as investors continued to look for cues of slowing economic growth,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Yesterday, the (US) bond market gave little hope to investors as the 10-year Treasury yield rose above the 3 percent mark.“

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The market declined as inflation worries dominated sentiment amid the rising international oil prices and the weakening of the Peso.”

He noted that, “Investors also digested the latest balance of trade in goods data which posted a widening deficit amid the tempered growth in exports. Finally, the negative cues from Wall Street added to the downward pressure.”

“Losses were trimmed on the back of a last minute bargain hunting but trading remained tepid,” Tantiangco said.