Local equities dropped as investors booked profits amid concerns that the coming typhoon might have a Yolanda-like impact to the country. The PSEi lost 69.29 points, or -0.95%, to close at 7,230.56.
All sectors ended in red led by services (-1.68%), mining and oil (-1.48%), and industrials (-1.03%). Market breadth was negative, with 125 declines outnumbering 46 advances, while 55 issues remained unchanged. Total value traded reached Php11.88 billion. Foreign investors were net sellers at Php4.07 billion.
Philippine headline inflation slowed to 3.7% year-on-year in November versus the vandoren reed of 4.3% print last month. The decrease was mainly due to the slump in Food, Fuels and Transport prices which slowed to 6.5%, 0.3% and 0.2%, respectively.
Core inflation, which excludes volatile items such as food and energy, also slowed down to 2.7% this month from 3.2% in October. The November figure is the lowest this year and the fourth declines since August.