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The main equity index of the local stock exchange closed down on Wednesday as risk-off attitudes prevailed, but the peso managed to trade sideways against the US dollar.

To reach 6,255.37 points, the Philippine Stock Exchange index (PSEi) lost 1.49 percent, or 94.57 points.

All Shares dropped 35.34 points, or 1.04 percent, to 3,374.57 points after that.

The majority of sectoral gauges, led by the Holding Firms after it dropped 1.96 percent, similarly mirrored the main index.

Financials lagged it by 1.93 percent, Property lagged it by 1.92 percent, Services behind it by 0.59 percent, and Industrial lagged it by 0.15 percent.

After rising by 0.24 percent, only the Mining and Oil index increased during the day.

1.28 billion shares, or PHP5.55 billion, were traded.

At 139 to 44, decliners outnumbered gainers while 49 shares remained unchanged.

The head of sales for Regina Capital Development Corporation (RCDC), Luis Limlingan, attributed the main index’s loss in part to investors’ cautious waiting before the data on the US inflation rate for June 2022, which would be issued later in the day.

The consumer price index in the US is anticipated to increase to 8.8 percent from the four-decade high of 8.6 percent last May, according to Limlingan.

He suggested that the Fed (Federal Reserve) would raise rates by another 75 bps (basis points) at its meeting this month as a result of the anticipated hot reading.

Since last March, the Federal Open Market Committee has increased the Fed’s benchmark interest rates by 150 basis points as US monetary policymakers attempt to rein in the acceleration of inflation in the largest economy in the world.

According to Limlingan, concerns regarding the expansion of the global economy contributed to the US equity market’s poor performance at the end of the day.

The local currency, meanwhile, ended the day at 56.26, somewhat higher than it had been at 56.37 during the previous session.

It started the day at 56.31, a lower price than the day before (56.13).

Mid-trade saw an increase to 56.23 before falling to 56.43, putting the day’s average at 56.339.

Volume was $994 million, down from $1.39 billion the day before.

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