MANILA -The Philippine Stock Exchange index (PSEi) tumbled on Thursday after the benchmark measure succumbed to selling pressure after three days of gains, a market expert said.
The PSEi lost 0.94 percent, or 58.62 points, to 6,183.07, while the broader All Shares index dropped 0.63 percent, or 21.26 points, to 3,346.99.
Market bears took control on Thursday amid mixed news overseas, said Juan Paolo Colet, managing director at investment bank China Bank Capital Corp.
“The stronger than expected ISM services index for August, which reached 54.4, its highest since February 2023, signaled strong US economic activity and led some investors to scale back expectations of the path of the Federal Reserve’s interest rate cuts next year,” he said.
READ: Asia stocks slide on U.S. rate worries, dollar ascendant
“News of China’s plan to broaden its ban on iPhone use in the government sector dragged US stock indices due to the drop in Apple shares and precipitated worries of escalating economic tensions between the world’s two largest economies,” he added.
Data from the stock exchange showed 322.4 million shares valued at P3.85 billion traded, while net foreign selling swelled to P720.3 million.
PSE subsectors were mostly lower with holding firms underperforming by 1.47 percent and property by 1.09 percent, while services added 0.43 percent.
BDO Unibank Inc. was the top-traded stock as it slipped 2.54 percent to P134.20 per share. It was followed by Jollibee Foods Corp., down 1.18 percent to P234.20; Bloomberry Resorts Corp., up 0.18 percent to P11.38; Bank of the Philippine Islands, flat at P105; and Ayala Land Inc., down 3.53 percent to P27.35 per share.