Philippine stocks fall to 11-month low on oil price surge

Local stocks fell to an 11-month low Wednesday on heightened investor caution ahead of the release of the US August inflation and on concerns over rising oil prices.

The 30-company Philippine Stock Exchange index lost 81.02 points, or 1.3 percent, to close at 6,149.18, while the broader all-shares index dropped 28.62 points or 0.85 percent.

“Everyone’s attention will be on US consumer price index report, and that data will determine whether our market rebounds or continuous its descent in the coming days,” China Bank Capital managing director Juan Paolo Colet said.

Adding to investors’ concern is the steady rise in oil prices, which jumped about 2 percent to a near 10-month high Tuesday on tighter supply outlook.