The local stock barometer fell to the 6,100 level on Monday as investors locked up gains from the market’s recent run-up.
The main-share Philippine Stock Exchange index tumbled by 312.42 points, or 4.82 percent, to close at 6,163.82, in line with the downturn across regional markets.
The local stock market was weighed down by about P1.18 billion worth of net foreign selling.Retailer MerryMart bucked the sluggish market, hitting the price increase ceiling of 50 percent on its first day of trading at the local stock market.
On the other hand, investors sold down large-cap stocks that had risen sharply in recent weeks.Christopher Mangun, head of research at AAA Equities, said the recent rally had run out of momentum. He sees the next major support level at 5,950. There were 178 decliners that overwhelmed 39 advancers, while 29 stocks were unchanged.Property giant SM Prime fell by 7.82 percent, while BPI lost 7.35 percent. —Doris Dumlao-Abadilla INQ