The local stock market tumbled sharply on Thursday, underperforming regional markets, as investors dumped equities due to escalating concerns on local economic “overheating” risks and US-China trade war.
The main-share Philippine Stock Exchange index (PSEi) fell by 110.89 points or 1.42 percent to close at 7,682.24, bucking mostly upbeat regional markets.
The index shed as much as 255.71 points or 3.3 percent in intra-day trade but pared losses at close. It has now pulled back by 1,396.13 points or 15 percent from the market’s all-time high peak of 9,078.37 touched by the index last Jan. 29.
Foreign investor sentiment was weak, as indicated by the P2.66-billion net foreign selling during the day.
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