Amid a foreboding sentiment taking over the market, the benchmark Philippine Stock Exchange index breached the 6,000 psychological support level on Wednesday after it plunged 140.39 points to 5,879.68, 2.33 percent down from Tuesday's close.

Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said the peso, weakening further to P59 against the United States dollar, is a major sentiment driver among investors.

"Our Asian peers were also in the red as the dollar strengthens which weaken most currencies in Asia including but not limited to the Chinese yuan and Indian rupee. Recession fears in the US are growing as the Fed remains hawkish," she said.

Yesterday, however, the net value turnover remained strong at P6.13 billion, higher than the P5.52 billion average for this month so far.

All sectors were in the red led by the Miners, dropping 3.93 percent.

Among index members, only four stocks gained in this session, led by the Bank of the Philippine Islands, while GT Capital Holdings Inc. lost the most by 7.77 percent.

Other regional indices fell deeper into the bear market, Regina Capital Development Corp. managing director Luis Limlingan said.

The Dow Jones Industrial Average fell by 0.43 percent to 29,134.99. Meanwhile, the S&P 500 closed at 3,647.29, down 0.21 percent.

On the other hand, the Nasdaq Composite rose by 0.25 percent to 10,829.50. Oil prices climbed Tuesday on the back of supply curbs in the Gulf of Mexico ahead of Hurricane Ian and a softer dollar.

Brent crude concluded the day with a gain of 2.6 percent at $86.27/per barrel. The U.S. West Texas Intermediate crude climbed 2.33 percent at $78.50/per barrel. Tonight, investors will get an updated look at the housing market with pending home sales from August.