Stock index loses 2.2 percent, peso at P51.51:$1

February 5, 2018

The Philippine Stock Exchange (PSE) index, following the lead of foreign markets, slumped in morning trading but finished off its lows on Monday.

The index closed 194.75 points or 2.21 percent lower to 8,616 after tumbling by as much as 245 points. In the broader market, there were 170 decliners, 33 gainers and 38 shares unchanged.

The peso ended at P51.51 against the US dollar from P51.45. At the Philippine Dealing System, volume amounted to $981.1 million from $1.12 billion on Friday.

"PH market fell and US stock futures headed lower, extending the biggest selloff for global stocks in two years as investors adjusted to a surge in global bond yields," said Jonas Ravelas, chief market strategist of BDO Unibank.

Volume reached 1.16 billion worth P8.5 billion from Friday's 3.08 billion worth P7.85. Foreigners were net sellers, with P5.06 billion sold and P3.1 billion bought.

Among most traded shares were Ayala Land, down 2.29 percent to P44.80; SM Prime, down 4.6 percent to P35.25; Metro Pacific, down 5.1 percent to P6.13 and Jollibee, down 4.08 percent to P282. DMS