Stocks slump

Philippines stocks were down sharply Tuesday as investors digested disappointing data overseas amid a lack of solid leads back at home. Foreign selling also accelerated.

The benchmark Philippine Stock Exchange index (PSEi) fell 2.16 percent, or 161.45 points, to 7,323.44 while the broader all-shares index was down 2.22 percent to 4,224.57.

All subsectors were also lower. Losers were led by the property subindex, which was down 3.81 percent. This was followed by mining and oil (3.12 percent) and financials (2.56 percent).

A total of 1.1 billion shares valued at P8.77 billion changed hands. There were 30 companies that gained while another 151 declined as 35 firms closed unchanged. Net foreign selling hit P1.2 billion.

“Portfolio investors, especially the foreign ones, continue to realign their portfolios,” said Astro del Castillo, First Grade Finance Inc. managing director. “The selling is overdone. We may see some bargain hunting if not tomorrow, then the following day.” Miguel R. Camus