Shares down, peso closes higher

MANILA: The local stock barometer closed weaker on Wednesday, while the peso appreciated. The Philippine Stock Exchange index (PSEi) shed 67.31 points to close at 6,489.35, while the broader All Shares also declined by 28.20 points. "Philippine shares took a breather, slipping below the 6,500 level following Wall Street's mixed results, with the Nasdaq Composite and S and P 500 reaching new records," Regina Capital Development Corp. head of sales Luis Limlingan said. Limlingan said the S and P 500 edged up 0.07 percent, and the Nasdaq added 0.14 percent, while the Dow dipped 0.13 percent. "Last night, Federal Reserve Chair Jerome Powell warned that prolonged high rates could hinder growth, which further strengthened the street call for a rate cute," he said. "Meanwhile, the market continued to digest the dovish comments from Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr., who highlighted the risks of delaying interest rate cuts to the economy," Limlingan added. All Sectors closed in the red wi th Industrial recording the biggest drop at 1.64 percent. Decliners led advancers at 111 to 62. The peso, meanwhile, closed at 58.32 to a dollar, stronger than the 58.44 finish on Tuesday. It opened at 58.48 and traded between 58.3 and 58.5, bringing the weighted average for the day to 58.376. Total volume of trade slightly declined to USD1.16 billion from USD1.18 billion the previous day. Source: Philippines News Agency