The stock index on Wednesday dropped 45.5 points, or 0.61 percent, to close at 7,367.66.

The majority of sectors weakened, 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.

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.

US factors weigh

“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.