The local stock market dropped with Wall Street and as investors worry over the impact of the typhoon.
The PSEi lost 45.5 points or 0.61 percent to close at 7,367.66 as the Services sector led the retreat while Miners and Conglomerates advanced. Volume declined to 1.2 billion shares worth P4.52 billion.
“Philippine stocks slipped along with Wall Street, as investors grappled with ongoing concerns about rising interest rates and processed the latest earnings reports released this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Back home, value turnover remained weak as a certain number of institutions were closed over the typhoons, while other awaited more third quarter 2024 financial results and expectations of policy easing by the central bank.”
Philstocks Financial Research Manager Japhet Tantiangco said "The local market pulled back this Wednesday because investors took a cautious stance as the local market remains without a fresh positive catalyst."
"Net foreign selling, attributed to the Peso’s weakened state and the rise in the US’ long term treasury yields also contributed to the decline. Net foreign outflows for the day amounted to P159.24 million," he noted.