MANILA— The Philippine peso remained strong Wednesday but the Philippine Stock Exchange index (PSEi) succumbed to foreign selling as the December meeting of the Federal Reserve nears.
The local currency finished the day 14 centavos better at 51.04 from 51.18 Tuesday.
It opened the day flat at 51.20 and traded between 51.02 and 51.23, resulting an average of 51.11.
Volume for the day reached USD566.8 million, up from the USD476.78 million.
PSEi, on the other hand, shed 1.27 percent, or 106.20 points, to 8,273.44 points, which a trader partly traced to foreign selling.
All the other indices followed, led by the broader All Shares, which ended the day at 4,864.15 points, down 1.01 percent or 49.76 points.
Biggest loser among the sectors during the day is the Mining and Oil after it declined by 2.12 percent followed by the Holding Firms, 1.49 percent; and Property, 1.26 percent.
Financials went down by 0.95 percent; Industrial, 0.82 percent; and Services, 0.38 percent.
Volume for the day reached 1.42 billion amounting to Php5.9 billion.
Losers led gainers anew at 109 to 76 while 53 shares were unchanged.