The local stock barometer tumbled to the 6,700 level on Thursday, underperforming most regional markets, as foreign investors trimmed their equity position amid oil price and local currency jitters.
The main-share Philippine Stock Exchange index (PSEi) fell by 107.48 points, or 1.57 percent, to close at 6,727.93 in thin trade.
For foreign investors, the weakening of the peso against the US dollar is a disincentive to hold local currency assets. There was a P551.11 million worth of net foreign selling for the day.
The peso is now trading past the 50 level against the US dollar.
US Fed
Meanwhile, investors focused on the United States as Federal Reserve Chair Jerome Powell began…
Keep on reading: PSEi slumps to 6,700 on oil, peso worries