The local stock barometer tumbled to the 7,600 level Wednesday, underperforming regional markets, as as mix of valuation, US rate and political jitters escalated the selldown by foreign funds.
The main-share Philippine Stock Exchange index (PSEi) lost 100.08 points or 1.3 percent to close at 7,619.10, slipping for the third straight session.
“It could be partly political,” said Joseph Roxas, president of local stockbrokerage Eagle Equities. While reaction to last Friday’s bombing in Davao was muted, he said investors might now be more worried about the consequences of President Duterte’s harsh comments about US President Barack Obama.
Duterte had said that he did not want to hear any lecture from Obama on extra-judicial killings amid the government’s war against drugs in the Philippines, historically a strong US ally in Asia. Doris Dumlao-Abadilla