Following negative cues from Wall Street overnight, the local bourse dropped by 55.73 points to 6,560.22.

Fitch Ratings’ decision to place the US AAA rating on negative watch weighed further on sentiment.

Given the ongoing concerns, many investors were still on the sidelines with the net market value turnover at P3.67 billion.

Fitch Ratings raised the risks that the government could miss payments on some of its obligations.

Resolution expected

However, Fitch said it still expects a resolution before the X-date. On the other hand, oil prices rose after a large unexpected drawdown in US crude inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts.

All sectors were in the red with the Holdings having the biggest loss of 1.12 percent, followed by the Miners and Services which were both declined by 1.07 percent.

Among index members, Jollibee Foods Corporation and Universal Robina Corporation  were the only gainers, up by 1.74 percent and 0.62 percent, respectively.

LT Group Inc., meanwhile, was at the bottom, losing 4.04 percent.