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MANILA, Philippines — Philippine stocks sank deeper into negative territory on Tuesday as investors stayed cautious amid elevated oil prices and the peso’s continued weakness.
The benchmark Philippine Stock Exchange Index (PSEi) dropped by 0.75 percent, or 44.72 points, to close at 5,896.80, according to Philstocks Financial Inc.
Philstocks Financial research manager Japhet Tantiangco said sentiment was weighed down by Brent crude prices testing the $110-per-barrel level, raising concerns over inflation and higher operating costs.
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