Stocks continue to plunge as economic concerns pile up
Iris Gonzales (The Philippine Star) - May 18, 2018 - 12:00am

MANILA, Philippines — Market investors continued to take profits yesterday, sending the benchmark Philippine Stock Exchange in a tailspin once more.

The PSEi plunged by 175.44 points, or 2.22 percent, to finish at 7,694.12, while the broader All Shares gauge was also down by 76.06 points, or 1.60 percent, to end at 4,678.74.

The rest of the counters were likewise down, making it another gloomy day at the local equities market.

DA Market Securities said in a comment: “Investors fear another round of interest rate hike is going to happen as the rise in oil prices fuels inflation.  Net foreign selling also added to the drop.”

Net foreign selling stood at P1.321 billion as foreign buying reached P3.347 billion and foreign selling was at P4.668 billion.

Leading yesterday’s losers were the property sector which shed 3.10 percent followed by the holding firms index which was down 2.45 percent.

Total value turnover reached P7.164 billion. Market breadth was negative as decliner outpaced gainers, 121 to 62 while 69 issues were left unchanged.

Aside from profit taking by market investors, traders said there were also renewed jitters about another interest rate hike as oil prices continue to move up.

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