The PSEi is now at the 6,500 level as share prices plummeted as a result of foreign funds continuing to leave the local market.
The main index dove by 157.24 points or 2.34 percent to close at 6,557.09 with the Mining and Property sectors leading the retreat across the board. Volume rose to 674 million shares worth P7.53 billion as losers swept out gainers 181 to 35 with 38 unchanged.
“Philippine shares broke past 6,600 as more funds continued to exit this week, while Wall Street ended flat,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “locally, the PSEi extended its losses for a seventh straight session, impacted by the pullback in U.S. equities.”