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The Philippine Stock Exchange index (PSEi) declined, tracking a retreat in the peso and gold prices.
The benchmark PSEi shed 62.66 points, or 1.03 percent, to close at 6,030.87. Mining shares led the retreat, with only conglomerates managing to hold ground.
Volume increased to 12.06 billion shares valued at ₱10.81 billion. Losers overwhelmed gainers 150 to 57, with 48 stocks unchanged.
“The market went down as it struggled to find new catalysts, coupled with the depreciation of the peso against the US dollar. Moreover, the dip in gold spot prices also contributed to the negative sentiment,” said Luis Limlingan, Managing Director at Regina Capital Development Corp.
The local market dropped Thursday as a lack of fresh leads, coupled with lingering concerns from domestic corruption issues to global trade risks, dampened sentiment, according to Japhet Tantiangco, Research Manager at Philstocks Financial Inc.
“Worries over the latter increased as US President Donald Trump conveyed the possibility of his meeting with Chinese President Xi Jinping at the APEC Summit not pushing through. The peso's weakening against the US dollar also weighed on the market," he noted.
The PSEi fell after the latest increase in the US dollar exchange rate to ₱58.41, amid increased US-China trade tensions, said Michael Ricafort, Chief Economist at Rizal Commercial Banking Corp.
