The local stock barometer slid to the 7,200 level on Tuesday as investors priced in larger-than-expected damage from Typhoon “Ompong” while global trade war jitters lingered.
The main-share Philippine Stock Exchange index (PSEi) lost 127.22 points or 1.72 percent to close at 7,286.43 points, underperforming regional markets as reports on the extent of damage from the typhoon started coming in.
All counters ended in the red, led by the financial, mining/oil and property counters which all tumbled by over 2 percent.
The industrial and holding firm counters both declined by over 1 percent.
Value turnover for the day amounted to P6.6 billion.
Foreigners remained averse to local equities, resulting in P294.33 million in net foreign buying for the day.
There were 155 decliners that overwhelmed 50 advancers while 35 stocks were unchanged.
Banking stocks BPI and Metrobank were the most battered, both sliding by over 4 percent.
Conglomerate SM Investments also lost 3.36 percent while Ayala Land, BDO and Metro Pacific all declined by over 2 percent.
SM Prime, Jollibee, AEV and URC all shed over 1 percent, while Ayala Corp., Security Bank and ICTSI also slipped.
On the other hand, RRHI bucked the day’s downturn, gaining by 1.86 percent, while Globe Telecom slightly gained.
One notable gainer outside the PSEi was Vulcan Industrial, which added 3.07 percent.
Melco Resorts added 0.14 percent as its controlling shareholder announced a tender offer in line with delisting plan.