PSEi drops below 6,500 as investors stay wary

MANILA -Investors had remained wary of the ongoing US debt ceiling issue, pushing the Philippine Stock Exchange index (PSEi) below the 6,500 level on Wednesday.

The benchmark PSEi fell by 0.51 percent, or 33.31 points, to close 6,477.36 while the broader All-Shares index slid 0.48 percent, or 16.75 points, to finish at 3,458.30.

Overseas, investors were still waiting for the developments on the US debt ceiling, particularly with the growing opposition on the tentative deal, Claire Alviar, Philstocks Financial Inc. assistant manager for research and online engagement, said.

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