Stocks plunged again Thursday, joining the rest of the region, oil and emerging currencies after an early rally gave way to fear again, extending a rout that has sent global markets into a tailspin since the start of the year.
The Philippine Stock Exchange Index dropped 175.33 points, or 2.8 percent, to 6,084.28 on a value turnover of P7.4 billion. Losers routed gainers, 136 to 34, with 40 issues unchanged. The index hit a new 23-month low since closing at 6,042.25 points on Feb. 10, 2014.
Ayala Land Inc., the second-biggest builder, tumbled 4.6 percent to P27.20, while JG Summit Holdings Inc., the holding company of industrialist John Gokongwei, sank 6.8 percent to P56.90.
Alliance Global Group Inc. of tycoon Andrew Tan slumped 8 percent to P12.70, while DMCI Holdings Inc., which is into coal mining, power generation, water distribution, construction and property development, fell 5.4 percent to P10.90.
The day got off to a bright start, with Hong Kong, Tokyo, Shanghai leading a broad advance across regional trading floors as investors picked up cheap assets following Wednesday’s bloodbath.
But the volatility that has marked the year so far returned with a vengeance in the afternoon, led by Chinese and Japanese equities.
Hong Kong was dragged by mainland stocks listed in the city, tumbling 1.5 percent in late trade, putting more pressure on the local dollar’s peg with the greenback.
Tokyo’s Nikkei lost 2.4 percent, Seoul shed 0.3 percent and Singapore was one percent off in the afternoon. There were also big losses in Wellington and Mumbai.
However, Sydney ended 0.5 percent up, closing before the heavy selling kicked off in the rest of Asia. With AFP