THE peso fell for a second day on Thursday, and the stock market also extended its decline to seven days amid a lack of positive news.

The currency touched P58.83 to the dollar before regaining some ground to close two-and-a-half centavos weaker at P58.78:$1.

The benchmark Philippine Stock Exchange index (PSEi), meanwhile, shed 21.47 points, or 0.34 percent, to 6,344.56, its lowest close since Dec. 13, 2023's 6,255.74.

The broader All Shares index gained 0.05 percent, or 1.85 points, to 3,440.31.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi's drop, along with the dollar's having gained against the yen, had factored in the peso's decline.

It opened trading at P58.79:$1 and ranged from P58.7 to P58.83. Volume reached P1.281 billion, higher than the P930 million recorded in the previous session.

Philstocks Financials Inc. research associate Claire Alviar, meanwhile, said "the local bourse dropped amid a lack of fresh leads to drive the market upwards, marking the seventh straight day of decline."

"Investors are seeking clear direction on interest rates amid mixed signals, making them wait for the next policy meeting despite expectations that the BSP (Bangko Sentral ng Pilipinas) won't cut rates," she added.

"Moreover, Economist Impact Asia Pacific's projection that the Philippine economy will grow below the government's target until 2028 further weighed on sentiment."

Regina Capital Development Corp. Managing Director Luis Limlingan said "the local stock market lost its early momentum, ending in negative territory for the seventh consecutive session."

"The lack of catalysts to boost investor sentiment contributed to the benchmark index's decline," he added.

Most sector indices also ended in the red, with financials down the most by 0.69 percent. Mining and oil, and holding firms were the day's only gainers, up by 1.61 percent and 0.38 percent, respectively.

Gainers edged out decliners, 92 to 86, while 58 were unchanged.

Read The Rest at :