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Local stocks plunged Monday on profit taking after last week’s strong recovery.
The benchmark Philippine Stock Exchange index lost 74.03 points, or 1.12 percent, to close at 6,550.75.
Philstocks Financial Inc. analyst Claire Alviar the lower-than-expected China’s gross domestic product growth in the second quarter also dampened investor sentiments.
“This adversely affected sentiment in Asia as many countries in the region are either China’s trading partners or have some form of connection with the country,” Alviar said.
Foreign investors remained net buyers despite the market decline. Value turnover was thin at P2.82 billion.
