The Philippine stock market plummeted 2.34 percent Thursday, extending its losses to seven straight trading days on continued foreign selling.
The 30-company Philippine Stock Exchange index lost 157.24 points to close at 6,557.09, while the broader all-shares index shed 111 points, or 2.95 percent, to end at 3,680.62.
Analysts said foreign funds continued to exit following the result of the US presidential election.
The peso was broadly unchanged at 58.77 against the US dollar, from 58.73 on Wednesday.
“The PSEi also declined especially over the past three weeks as the markets continued to price in Trump US presidency with possible protectionist policies and appointments that could lead to trade wars especially with China,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said.
All indices ended in the red, with mining and oil declining the most at 3.69 percent, followed by property which dropped 3.42 percent. Value turnover reached P7.03 billion, with 35 advancers and 181 decliners. Foreigners were net sellers, with net outflows amounting to P2.05 billion.
Jollibee Foods Corp. rose 1.18 percent to P258 after the company reported strong profit in the first nine months of 2024. Bloomberry Resorts Corp. declined 10.79 percent to P6.12.
Meanwhile, boutique property developer Arthaland Corp. successfully raised P2.5 billion from the issuance of preferred shares. The shares were listed on the main board of the PSE on Thursday.
A substantial portion of the proceeds from the offer will fund the necessary investment of Arthaland in its upcoming two-tower, multi-certified sustainable residential project catering to the broader mid-market segment.
