The index fell 134.85 points, or 2.20 percent, to close at 5,991.37, finishing at its lowest level of the day and underperforming most Asian markets.
Net foreign selling stood at just over P1 billion, the largest outflow since the MSCI rebalancing-related selloff in late May, stockbrokerage house AB Capital Securities said in a post on its Facebook page.
Selling hits services, financials
Losses were broad-based, led by the services sector, which plunged 4.22 percent, followed by financials, down 3.09 percent. Industrials fell 0.62 percent, while mining and oil slipped 0.84 percent.
Property was the lone bright spot, rising 0.53 percent and helping cushion the broader market decline.
ICTSI leads decliners
Tycoon Enrique Razon Jr.'s International Container Terminal Services led the selloff among index heavyweights, dropping 5.97 percent to P851 per share. It was followed by BDO Unibank, down 4.74 percent to P124.50, and Bank of the Philippine Islands, which lost 3.90 percent to P96.10 each.
Ayala Land emerged as the top gainer, climbing 5.11 percent to P14.80, while PLDT rose 3.01 percent to P1,164 and Jollibee Foods gained 2.52 percent to P130.20.
ICTSI was also the market’s most actively traded stock with P1.84 billion worth of shares changing hands, followed by BDO at P423 million and Ayala Land at P345 million.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
