The local stock market plunged deep for a second consecutive session on the back of downgraded global growth forecast by the International Monetary Fund.
The benchmark Philippine Stock Exchange index shed 85.95 points or 1.14 percent on Tuesday to settle at 7,466.65.
The peso meanwhile closed stronger to 51.05 to the dollar from 50.975 last Monday.
The currency opened at 50.975, hit a low of 51.10 and a high of 50.975. Total turnover amounted to $1.346 billion.
The decline in stocks was led by financials index which fell 1.56 percent.
Holding firms suffered a 1.32-percent drop, while the property index continued to take a hit as it declined by 0.66 percent.
“Heightened regulatory concerns and IMF’s trimmed global growth forecast extended the local market’s losses,” Philstocks said in its report.
Regina Capital’s Luis Limlingan, for his part, said Philippine shares became collateral damage from Moody’s downgrading HK rating to AA3 from AA2.
“Also, fears grew as China’s new respiratory illness hit local health workers and there’s been human-to-human transmission,” Limlingan said.
Tuesday’s total value turnover saw an improvement to P7.76 billion from the previous day’s P6.27 billion.
Market breadth, however, stayed negative as decliners beat advancers, 132 to 67, while 38 stocks were unchanged.
