Global markets weigh down local stocks

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Metro Manila (CNN Philippines, September 11) — It's another dismal day in the stock market, and not just for the Philippines.

The Philippine Stock Exchange closed at 7,518 points, with all sub-indices in the red.

Analysts say that while traders anticipated possible economic-related announcements from President Rodrigo Duterte's supposed press conference that day, the market instead tracked global trends.

"Politics carry just little weight, if any," said said Ron Acoba, chief investment strategist for Trading Edge.

Acoba added that the markets in neighboring Indonesia, Singapore, China, Hong Kong, South Korea and Thailand are also down.

"One of the local factors that may continue to weigh on the local market is the persistent weakness of the peso against the U.S. dollar," Acoba said, adding that traders are expecting the peso to hit ₱54 versus the dollar.

Luis Limlingan from Regina Capital said traders are apprehensive over the second meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un, and the trade tensions between U.S. and China.

"There were not many local catalysts today as the July trade balance deficit came in wider than expected, and the press briefing of the President was replaced by a later state TV interview," Limlingan said.

In an economic bulletin, the Department of Finance said that the peso is the third most depreciated currency among the twelve fastest growing economies in Asia.

The peso closed today at ₱53.94 versus the dollar, a fresh near-thirteen year low, and inching closer to the ₱55.98 close on December 7, 2005.