Foreign selling batters share prices

MANILA, Philippines – The local stock market continued to be plagued by foreign selling, pushing share prices down anew.

The benchmark Philippine Stock Exchange index (PSEi) plunged back below 7,500 as it declined 1.13 percent or 85.81 points to 7,494.41 while the broader All Shares index finished at 4,441.89, down 49.20 or 1.1 percent.

All counters also closed in the red, with indices in the services, financials, property and holding firms among the biggest decliners, down 1.77 percent, 1.48 percent, 1.30 percent and 1.24 percent, respectively.

Total value turnover, meanwhile, reached P6.25 billion while market breadth was negative as decliners beat advancing stocks, 137 to 56. Thirty eight stocks were left unchanged.

Analysts said there were fresh jitters from the US equity and crude oil markets.

Luis Limlingan, managing director of  Regina Capital, noted crude oil is lower again after Iraq said it wanted to be exempt from the cut by the Organization of Petroleum Exporting Countries (OPEC).

Iraq, the second largest OPEC producer, said it wanted to be exempt from output curbs as it needs more money to fight Islamic State militants, Limlingan said.

It is also widely believed other countries such as Russia would not join the oil production cut.

As such, global crude prices declined for the third straight day, affecting Asian markets. Data showed crude oil declined 1.2 percent to $49.34 a barrel in New York.