The  Philippine stock index on Wednesday dropped 45.50  points, or 0.61 percent, to close at 7,367.66. 

The majority of sectors were red, with Services being the biggest loser down by 1.92 percent, followed by Properties down by 1.04  percent, and Industrials by 0.24 percent.

Miners and Holding Firms were the only gainers, up by 0.43 percent and 0.08 percent, respectively.

Monde Nissin Corporation was the top index gainer, jumping  3.79  percent to P11.50. Meanwhile, Globe Telecom, Inc. was the biggest loser,   decreasing by 3.35 percent to P2,310.00.

The stock market declined following investors' cautious stance as the local market remains without a fresh positive catalyst, according to Philstocks Financial Inc. senior research analyst Japhet Tantiangco.

“Net foreign selling, attributed to the peso’s weakened state, and the rise in the US’ long-term Treasury yields also contributed to the decline,” he added, citing the net foreign outflows for the day at P159.24 million.  

Value turnover was P4.08 billion. Decliners outnumbered Advancers at 128 to 71, while 55 names were unchanged. 

BDO Unibank, Inc. was the most actively traded stock at P371,311,210.00, down by 0.43 percent, followed by International Container Terminal Services, Inc. at P357,334,686.00, down by 2.49 percent. 

The peso closed at P57.88  to a dollar from Tuesday’s 57.59.

It opened the day at 57.69 and traded between 57.69 and 57.92.

The weighted average was 57.798.