Stocks decline on negative cues from Wall Street

The Philippine Stock Exchange index plummeted by 40.10 points, or 0.60 percent, to close at 6,619.89, while the broader all-shares index shed 13.80 points, or 0.39 percent, to settle at 3,523.49.

He said profit-taking also contributed to the market’s decline even as the Philippine peso closed within the 58-level range to a dollar. The peso closed at 58.19 against the greenback, weaker than Thursday’s 58.13.Most sectoral indices ended in the red territory, led by property which dropped 2.39 percent, followed by mining and oil which went down by 1.72 percent. Only the services sector ended in the green, rising by 0.48 percent.

Confidence was dealt a further blow Thursday as a closely watched gauge of the services sector showed services activity rose at its fastest pace in a year, while the factory sector also beat forecasts. “The data erase some of the cooling signals in recent outcomes and contrast the month-long run of broader US data tending to surprise on the soft side,” said Taylor Nugent of National Australia Bank.

The prospect of interest rates remaining at two-decade highs through most of the year put upward pressure on the dollar.

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