MANILA – Local shares fell on Wednesday amid the continued conflict between Israel and Iran and ahead of the monetary policy meeting of the central bank, while the peso also closed weaker than the dollar.
The Philippine Stock Exchange index (PSEi) fell 0.50 percent to 6,337.43, while All Shares also declined by 0.29 percent to 3,772.79.
“Philippine stocks fell as the Israel-Iran conflict entered its fifth day and retail sales dropped more than expected, raising concerns about consumer spending,” said the head of sales at a local capital development corporation.
He mentioned that while the US Federal Reserve is expected to hold rates steady, the weak data may support a more dovish stance.
“Meanwhile, locals remained on the sidelines as they await the outcome of the latest central bank meeting, with many forecasting a rate cut, hoping to ease fears of further conflict escalation in the Middle East,” he added.
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