PHL shares tumble as foreign investors flee
Share prices on the Philippine Stock Exchange tumbled for the third successive trading day on Wednesday, as foreign investors continued to dispose their stock positions in light of market-depressing developments on the domestic front and overseas.
"Mainly net foreign outflows," Victor F. Felix, equity analyst at AB Capital Securities Inc., said in a phone interview. "We saw P2 billion in net foreign selling today. We've seen accelerated outflows."
PSE data showed foreign selling totaled P7.174 billion on Wednesday alone, while foreign buying amounted to P4.494 billion.
The benchmark PSEi lost 100.08 points or 1.30 percent at 7,619.10. The broader All Shares fell 51.49 points or 1.12 percent to 4,542.35.
Felix noted two major factors are responsible for the market volatility: expectations of an interest rate increase in the US and the growing uncertainty hanging over the Philippine sociopolitical landscape. "Some investors expect a rate hike in December."
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