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Stocks extend slide on foreign-led pressure, weaker peso
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Malaya Business Insight
Share prices fell for a seventh straight session on Tuesday as investors unloaded positions amid foreign selling pressure, a weaker peso and lingering political and corruption concerns.
Trading value reached P9.09 billion across 97,179 trades involving more than 1.57 billion shares.
Foreign funds sold a net P2 billion, with sales of P6.2 billion, against P4.19 billion worth of shares bought.
The peso closed at P58.196 to the dollar, weaker than Monday’s P58.145, after touching a low of P58.37 intraday.
Japhet Tantiangco, research manager at Philstocks Financial Inc., said the extended market fall reflects investor dismay over corruption issues.