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MANILA, Philippines —Local stocks retreated on profit-taking after four sessions of gains, as peso weakness and fuel price concerns dampened sentiment.
The benchmark PSEi dropped 1.28 percent, or 81.99 points, to 6,333.80 after recent gains pushed it to higher levels.
READ: Diesel, kerosene post new double-digit price jumps
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi remained near its highest level in more than four and a half months despite the decline.
