PSEi extends decline

MANILA, Dec. 7 (PNA) — Local share prices ended lower for the third straight day on Monday, as investors stayed cautious ahead of next week’s decision of the Federal Reserve on raising interest rates.

The barometer Philippine Stock Exchange index (PSEi) lost 10.07 points to 6,911.86 from previous day’s 6,921.93 close.

Brokerage RCBC Securities Inc. said the local bourse remained fragile especially in the light of the anticipated United States rate hike on Dec. 16.

The market’s slump was led by financials that retreated 1.13 percent.

Only the holding firms sector rose slightly.

Volume turnover was thin at 902.93 million shares valued at Php4.45 billion.

Decliners dominated advancers, 112 to 68, while 36 issues unchanged. (PNA)