PH stock index drops 2.36% as market struggles to find support

The Philippine benchmark index fell over 150 points on Monday as the market struggled to find its footing, raising the likelihood of a retest at lower levels.

The PSEi finished the session at 6,343.10, losing 153.22 points or 2.36 percent. The broader All-Shares index also shed 50 points or 1.33 percent.

“Index tracked weakness across regional markets, breaking below its 6,400 support level,” according to stock brokerage house AB Capital Securities.

Holding companies led decliners with a 3.47-percent loss, followed by property, down 1.79 percent, and services, down 1.54 percent.

“The index is expected to head towards its short-to-medium-term support at 6,160 as foreign outflows continue to accelerate,” AB Capital said.

Data from the stock exchange showed 806.77 million shares valued at P4.96 billion changing hands, with foreigners net selling approximately P700 million.

Large caps such as BDO Unibank (-0.54 percent), Ayala Land Inc. (-4.27 percent), and SM Investments Corp. (-4.14 percent) led Monday’s sell-off.