Stocks con­tinue to plunge as econ con­cerns pile up

The Philippine Star - - BUSINESS - By IRIS GON­ZA­LES

Mar­ket in­vestors con­tin­ued to take prof­its yes­ter­day, send­ing the bench­mark Philip­pine Stock Ex­change in a tail­spin once more.

The PSEi plunged by 175.44 points, or 2.22 per­cent, to fin­ish at 7,694.12, while the broader All Shares gauge was also down by 76.06 points, or 1.60 per­cent, to end at 4,678.74.

The rest of the coun­ters were like­wise down, mak­ing it an­other gloomy day at the lo­cal eq­ui­ties mar­ket.

DA Mar­ket Se­cu­ri­ties said in a com­ment: “In­vestors fear an­other round of in­ter­est rate hike is go­ing to hap­pen as the rise in oil prices fu­els in­fla­tion. Net foreign sell­ing also added to the drop.”

Net foreign sell­ing stood at P1.321 bil­lion as foreign buy­ing reached P3.347 bil­lion and foreign sell­ing was at P4.668 bil­lion.

Lead­ing yes­ter­day’s losers were the prop­erty sec­tor which shed 3.10 per­cent fol­lowed by the hold­ing firms index which was down 2.45 per­cent.

To­tal value turnover reached P7.164 bil­lion. Mar­ket breadth was neg­a­tive as de­cliner out­paced gain­ers, 121 to 62 while 69 issues were left un­changed.

Aside from profit tak­ing by mar­ket in­vestors, traders said there were also re­newed jit­ters about an­other in­ter­est rate hike as oil prices con­tinue to move up.

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