The PSEI dropped 109.02 points or 1.59 percent to close at 6,759.90 as the Property sector led the retreat although the Services counter bucked the trend and eked out a gain. Volume was slightly higher at 653 million shares worth P5.95 billion as losers beat gainers 107 to 60 with 61 unchanged.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market plunged following the negative cues from Wall Street’s overnight decline.” He added that, “This came as interest rates in the US rose with their 10-year bond yield breaching the 3.00 percent mark.”
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