Local bulls retreated after sentiments soured over reports of rising inflation in Europe and the United Kingdom, triggering profit taking on Thursday.
The benchmark Philippine Stock Exchange index (PSEi) fell 1.5 percent, or 92.32 points, to 6,055.99 while the broader All Shares index shed 1.32 percent, or 43.01 points, to 3,223.61.
Trading activity doubled during the selldown, with 597.62 million shares valued at P8.23 billion changing hands. Foreigners were net sellers amounting to P362.7 million, data from the stock exchange showed.
The UK government said September inflation soared to a 40-year high of 10.1 percent while the European Union’s statistics office said inflation accelerated to 10.9 percent last month from the previous print of 10.1 percent.
Investors also weighed data from the Bangko Sentral ng Pilipinas showing the country’s deficit in September ballooning to $2.3 billion as the government settled foreign debt obligations.
Top traded stock
Most PSE subsectors closed down, save for financials, which rose 0.24 percent after Bank of the Philippine Islands (BPI) reported strong earnings in the nine months to September this year. BPI shares closed at P93.40 each, up 1.52 percent.
Industrial and holding firms sank 2.59 percent and 2.57 percent, respectively, while mining and oil, property and services also declined.
Ayala Land Inc. was the top traded stock as it slipped 0.39 percent to P25.70 per share.
It was followed by SM Investments Corp., down 2.75 percent to P777; SM Prime Holdings Inc., flat at P33.70; International Container Terminal Services Inc., up 0.92 percent to P175; and Globe Telecom Inc., up 3.25 percent to P2,478 per share.
Overall, there were 107 losers against 58 advancers while 51 companies closed unchanged, data from the stock exchange showed.