The main-share Philippine Stock Exchange index lost 64.3 points, or 1.26 percent, to finish at 5,037.94.
Investors also took their cue from jittery trading in Wall Street overnight as global mining giant BHP Billiton reported “flattening” iron-ore demand from China, the world’s top metals consumer, weighing down on US commodities and energy stocks.
“The market continued to decline on the combined effects of continued profit-taking as well as concerns that China’s economic growth has started to slow down,” said Manny Lisbona, deputy chief of PNB Securities
“China still has policy tools at its disposal, hinting recently that they may loosen their policy rates,” Lisbona added.
Most counters ended in the red, especially the financial, holding firm and services counters, which respectively slid by 1 percent, 1.37 percent and 1.7 percent.
Only the mining/oil counter bucked the downturn.
There were 73 advancers, which were edged out by 102 decliners, while 42 stocks were unchanged. Value turnover amounted to P6.74 billion.
“Smart money is accumulating in this dip. The question is who are these smarties,” said Gus Cosio, president of First Metro Asset Management.
Investors sold down index stocks PLDT, ICTSI, AP, Metrobank, AGI, ALI, RLC, SMC, SMPH, SMIC, Meralco, EDC, AC and URC.
Among the index stocks that were unscathed by the selldown were Megaworld, Belle and DMCI. Nickel Asia and Puregold also advanced in heavy trade.
The 5,000 level remained an immediate support for the local index.
Overnight, the Dow Jones industrial average dipped by 68.94 points, or 0.52 percent, to finish at 13,170.19 due to concerns on slowing growth in China.