The local stock market extended its losses Tuesday on mounting concerns about the global economy.
The 30-company Philippine Stock Exchange index fell 48.72 points, or 080 percent, to close at 6,039.72, while the broader all-shares index went down by 18.37 points, or 0.56 percent, to settle at 3,284.69.
Analysts said foreign funds continued to exit the local market even if Philippine stocks were trading at bargain prices.
“So far, the concerns regarding Israel-Hamas conflict, high-interest rates and elevated inflation continue to exert downward pressure on sentiment,” Philstocks Financial Inc. research analyst Claire Alviar said.
Losers outnumbered gainers, 100 to 72, while 57 issues were unchanged. Two of the 10 most active stocks ended in the green, with Ayala Land Inc. rising 0.89 percent to P28.20 and BDO Unibank Inc. inching up 0.79 percent to P127.40.
