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Stocks in the Philippines are down on offshore developments, while the peso remains stable.

MANILA – Investors turned cautious again, resulting in a negative close for the local stock index after oil prices jumped again on the international market, although the peso closed the day flat versus the US dollar.

To 6,956.60 points, the Philippine Stock Exchange index (PSEi) fell 0.73 percent or 51.03 points.

The Dow Jones Industrial Average fell 0.55 percent, or 20.41 points, to 3,697.63 points.

The majority of sectors indices ended the day in the red, with Mining and Oil down 2.22 percent, Industrial down 1.28 percent, Holding Firms down 1.02 percent, Property down 0.73 percent, and Financials down 0.66 percent.

The only indicator that gained during the day was the Services index, which jumped 0.39 percent.

“Philippine shares fell as oil prices rose again, investors digested the recent Fed rate rise decision, and developments in the Ukraine-Russia peace talks,” Luis Limlingan, head of sales at Regina Capital Development Corporation, said (RCDC).

“After tumultuous trading this week with no obvious alternative for Russian barrels insight in a market already characterized by restricted supply,” Limlingan added, oil prices in the international market climbed over USD100 per barrel once more.

Meanwhile, the local currency concluded the day at 52.35 per dollar, unchanged from the previous day’s close of 52.335.

It started the day at 52.31, down from 52.2 at the start of the previous session.

The peso traded in a range of 52.4 to 52.31, with an average of 52.365.

The volume dropped to USD599.8 million from USD1.45 billion at the end of the previous week.

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