PSEi plummets near 6,500 as China woes continue

Philippine stocks extended losses on Thursday as bulls wavered on China’s growth prospects while geopolitical tensions flared up in the West Philippine Sea.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) slipped 0.94 percent, or 61.64 points, to 6,510.87 while the broader All Shares index was down 0.73 percent, or 25.45 points, to 3,451.21. A total of 314.86 million shares valued at P5.3 billion changed hands while net foreign purchases amounted to P24.42 million. All subcounters retreated as Chinese stocks slumped due to concerns over its economic recovery. Meanwhile, Defense Secretary Gilbert Teodoro Jr. issued a strongly worded retort against a Chinese government spokesperson for insulting President Marcos after the latter congratulated Taiwan’s president-elect Lai Ching-te. BDO Unibank Inc. was the top traded stock as it dropped 2.44 percent to P135.80 a share. It was followed by Ayala Land Inc., down 2.32 percent to P31.55. INQ