The local stock market plunged as the weakness in the US and regional bourses prompted investors to continue to take profits.
The main index fell 245.34 points or 3.64 percent to 6,489.65 points as Conglomerates led the retraction in share prices. Volume also declined to 874 million shares worth P6.32 billion as losers beat gainers 108 to 75 with 56 unchanged.
“Following a meteoric rise in the market, investors finally decided to cash in to close the week with majority of the regional declining,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “(US) Economic data delivered mixed sentiments as the core personal consumption expenditures report was slightly better than expected, while the ISM Manufacturing Index plunged heavier than anticipated.”
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse plunged along with other Asian peers as investors await US payrolls data that could affect Fed's decision.”
She added that, “At home, investors also booked more gains while waiting for the inflation data in November. Moreover, the heavyweights' drop pulled the market down.”