Market dips as traders tracked Wall St losses

Local shares went back in the red yesterday following a tepid lead from Wall Street as traders prepare for the release of key US inflation data and start of earnings season.

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The benchmark Philippine Stock Exchange index (PSEI) closed at 6,546.11, down by 72.41 points or 1.09 percent., while the broader All Shares index slipped to 3,469.64, down by 34.04 points or 0.97 percent.

Unicapital Securities said the PSEi is poised to test the 6,600 levels after taking profits, which may get a boost after economic officials signaled a potential 100-basis-point rate cut in 2024.

Total value turnover reached P11.6 billion. Market breadth was negative 129 to 59, while 37 issues were unchanged.