PH shares sink to 7,600 on disappointing US factory numbers

The local stock barometer sank to the 7,600 mark on Wednesday as the disappointing US factory gauge spooked global markets.

The main-share Philippine Stock Exchange index tumbled by 129.18 points, or 1.67 percent, to close at 7,610.68, tracking a US and regional downturn.

Global growth concerns escalated as the latest US manufacturing survey for September contracted for the second straight month and showed the worst reading in a decade.

At the local market, the index broke a strong support level at 7,620, which means that the next barrier would be at 7,475, the low seen last May, local stock brokerage Papa Securities said.

All counters ended in the red.

The financial, industrial, services, holding firm and property counters all tumbled by over 1 percent.

Value turnover for the day amounted to P6.14 billion.

Foreign investors mostly dumped local equities for the sixth straight session.

Net foreign selling for the day amounted to P497.98 million.

There were 110 decliners that edged out 80 advancers, while 46 stocks were unchanged.

The market was weighed down most by local banking giant BDO, which lost 4.53 percent.

URC, ICTSI and Meralco all tumbled by over 3 percent, while Ayala Land, Ayala Corp. and JG Summit all declined by over 2 percent.

SM Prime, Globe Telecom and AGI all lost over 1 percent.

SM Investments, BPI and Bloomberry also dipped.

On the other hand, Security Bank and DMCI eked out gains of over 2 percent, while Megaworld added 1.14 percent.

Jollibee and Puregold also firmed up. —DORIS DUMLAO-ABADILLA