The local stock market plunged for the 5th straight session, falling a total of over 499 points or 7 percent to the 6,300 level, as foreign investors continue to leave amid uncertainties.
The main index dove 153.13 points or 2.34 percent to close at 6,379.17 as Conglomerates led in the retreat although the Property counter managed to hold its ground. Volume rose to 996 million shares worth P10.77 billion as losers beat gainers 126 to 68 with 41 unchanged.
“Philippine shares extended their losses as investors gauged the Fed's next move given the latest inflation data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, Fed Chair Jerome Powell said that he could not guarantee a "soft landing" that brought down inflation without causing a recession.
AB Capital Securities said “The local market closed in the red for the fifth consecutive day as continued economic headwinds and lack of clear catalysts weigh on investor sentiment.”