PHILIPPINE STOCKS dropped on Wednesday as investors awaited the release of November US inflation data, which could be considered in the US Federal Reserve’s rate decision next week.
The Philippine Stock Exchange index (PSEi) dropped by 1.22% or 82.11 points to close at 6,642.71, while the broader all shares index went down by 0.72% or 27.25 points to end at 3,758.55.
“The benchmark index fell below 6,700 as the peso weakened and investors stayed cautious ahead of the release of US November inflation figures, which could determine whether the Federal Reserve cuts its policy rate by another 25 bps (basis points) this month,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said.
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