PSEi fails to sustain rally

MANILA -Local stocks retreated on Thursday after the benchmark Philippine Stock Exchange index (PSEi) failed to breach an important resistance level during another low-volume session.

By the closing bell, the PSEi slipped 0.39 percent, or 25.34 points, to 6,539.36 while the broader All Shares index was down 0.31 percent, or 10.94 points, to 3,484.71.

Stocks returned partial gains after bulls failed to sustain yesterdays rally.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., pegged the next resistance for the PSEi between the 6,590-6,630 range.

Asian shares were also down after the Bank of Canada unexpectedly raised their benchmark interest rate, heightening global inflation concerns.