Local shares decline for third straight day

MANILA -The Philippine Stock Exchange index (PSEi) fell for the third consecutive day after taking cues from Wall Street, which took a hit as investors sold off their positions amid the ongoing US debt ceiling issue.

The benchmark PSEi slid by 0.72 percent, or 46.78 points, to close at 6,430.58 while the broader All-Shares index declined by 0.42 percent, or 14.45 points, to settle at 3,443.85.

Philippine equities fell again as investors kept an eye on the debt ceiling debate in Washington, Regina Capital Development Corp. head of sales Luis Limlingan said.