Share prices wobbled in yesterday's trading, ending in the red for the fifth consecutive day as traders await economic data from the US.

The Philippine Stock Exchange index (PSEi) spiraled down to 6,039.72, losing 48.72 points or 0.80 percent, while the broader All Shares index declined by 18.37 points or 0.56 percent to close at 3,284.69.

The market's drop reflected the US Federal Reserve's implication of extended higher-for-longer view on interest rates, coupled with the overhang of the Israeli-Hamas conflict, said Unicapital Securities.

'The US Fed comments extend prospects of rate cuts to the fourth quarter of 2024 from an earlier expectation of third quarter of 2024 which would contribute to an extended quarter of slowed economic growth given that the Bangko Sentral ng Pilipinas has signaled to move in step with US Fed rate cuts. Still, much of this view is dependent on the development of inflation prints ahead which may shift central banks' hawkish stances on the expected easing of inflation in the first half of 2024,' it said.

Luis Limlingan of Regina Capital said there are also mounting concerns about the state of the broader economy.

Total value turnover thinned further to P2.6 billion. Market breadth was positive, 100 to 72, while 57 issues were unchanged.

Elsewhere in Asia, equities ended mixed as traders avoided bets ahead of economic data expected to offer clues to the next steps by the US Fed.

Oil prices recovered some of the previous day's losses as markets worried that the Israel-Hamas war could escalate into a wider conflict in the oil-exporting region.

'The looming spectre of inflation grows even more imposing, especially considering the recent sharp ascent in oil prices,' said Dalma Capital Chief Investment Officer Gary Dugan.

'If oil prices persist at this level throughout the rest of 2023 and into 2024, this could potentially inject another bout of inflation into the global economy.'

The US Commerce Department will announce third-quarter gross domestic product on Thursday, while the Personal Consumption Expenditures (PCE) report, the US central bank's preferred inflation gauge, is due on Friday.

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