The local stock market index on Thursday declined by 66.46 points, or 0.95 percent, to close at 6,891.5, slipping down after nearly climbing the 7,000 level.

Most sectors were in red, with Holding Firms losing the biggest at 1.98 percent, followed by Banking down by 1.38 percent, and Services by 0.51 percent.

Miners and Properties were the only gainers, up by 0.34 percent and 0.13 percent, respectively.

Philstocks Financial Inc. research analyst Claire T. Alviar linked the bourse decline to negative cues from Wall Street, which she said also affected the Asian peers.

“Philippine shares slipped just below the 6,900 level as investors sold ahead of the August closing and the MSCI rebalancing tomorrow,” Regina Capital Development Corp. head of sales Luis Limlingan said.

“The minutes to the FOMC's July meeting noted that the “vast majority” of participants said “it would likely be appropriate to ease policy at the next meeting” if the economy evolved as the Committee expected,” he added.

The net market value turnover was P6.150 billion, with Decliners exceeding Advancers at 117 to 79. Meanwhile, 51 names remain unchanged.

The peso closed at P56.28 versus the dollar.