Local shares continued their losing streak Tuesday, closing at 5,600 levels, the lowest in more than five years, as concerns about a significant slowdown in economic growth and weak third-quarter earnings weighed down sentiment.
The 30-company Philippine Stock Exchange index plummeted 73.57 points, or 1.29 percent, to close at 5,629.07. The broader all shares index also fell 32.82 points, or 0.94 percent, to 3,465.61.
The peso also depreciated to 58.985 to the U.S. dollar on Tuesday from 58.96 on Monday.
The PSEi ignored a rebound in Asian stocks, which bounced back from last week’s jitters over the run-up in technology-related stocks.
“The local market extended its decline as investors remained pessimistic toward our general economy following the release of dismal third-quarter GDP (gross domestic product) figures,” said Philstocks Financial Inc.
“Economic outlook is also weighed by the damage inflicted by the recent typhoons and the declining foreign direct investments,” it added.
Trading, however, was strong, with value turnover reaching P7.08 billion.
Foreign investors also continued to take advantage of the market’s decline by accumulating oversold stocks. Foreign inflow amounted to P701.8 million.
Among the indices, only the service sector was up, rising by 1.23 percent. The financial sector was the worst performer, declining by 3 percent.
Decliners edged advancers 123 to 59.
DigiPlus Interactive Corp. was the day’s top gainer, jumping 7.65 percent to P27.45, while Universal Robina Corp. was the bottom, dropping 6.64 percent to P66.10.
