THE peso rebounded, but the stock market fell anew on Thursday as offshore developments weighed on sentiment.

The currency strengthened by 9 centavos to P55.84 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) shed 61.64 points, or 0.94 percent, to close at 6,510.87.The broader All Shares index also retreated, losing by 0.73 percent, or 25.45 points, for a 3,451.21 finish.The peso opened at P55.87:$1 and traded from P55.765 to P55.9. Volume narrowed to P1.430 billion from P1.737 billion in the previous session.Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the day's gain followed a dollar correction.Philstocks Financial Inc. researcher Mikhail Plopenio, meanwhile, said the PSEi closed in red territory again as "investors seemed to have weighed negative factors offshore."Overnight losses from Wall Street amid rising US long-term Treasury yields and the "stronger-than-expected" US retail sales data contributed to Thursday's drop.Regina Capital Development Corp. Managing Director Luis Limlingan said the strong retail sales report "could mean fewer rate cuts" by the Federal Reserve.Both analysts said the bourse also declined as worries over China's economy dampened sentiment."Lastly, the tension in the Red Sea is also being monitored by many, as disruptions could arise if the situation in the said area escalates," Plopenio said.Market participation was weak, resulting in a net market value turnover of P4.46 billion — lower than the month-to-date average of P4.47 billion.All sector indices closed in negative territory, with mining and oil dropping the most by 1.7 percent.Decliners outnumbered advancers, 112 against 66, while 51 were unchanged. Read The Rest at :