The main index dropped 86.03 percent or 1.28 percent to close at 6,618.38 with the Mining and Oil counter leading the retreat. Volume was relatively stable at 972 million shares worth P5.67 billion as losers swamped gainers 151 to 37 with 40 unchanged.“Local shares were sold down once again as the summer rally faded amid mounting rate hike concerns,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Back home, profit-takers continued to emerged sending the PSEi to retreat to the 6600 level after staying in the overbought region for last week.” Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse dropped following the decline of the US markets overnight. Negative sentiment spilled over as concerns over peso depreciation heightened amid the hawkish tone of the Federal Reserve.”