THE stock market reentered bear territory for the third time this year on Monday as investors continued to pare their positions due to inflation concerns. The Philippine Stock Exchange index (PSEi) dropped by 0.75 percent or 54.74 points to close at 7,222.08—down 20.3 percent from January 29, 2018’s record finish of 9,058.62. “[A]nything above 6.7 percent will continue to spook the market … as net foreign selling persists,” Pangan said. For Timson Securities Inc. trader Jervin de Celis, the market drop was due to the absence of a strong catalyst. Sectoral results were mixed with services and financials the only gainers, rising by 0.49 percent and 0.007 percent.

Source: Manila Times October 01, 2018 17:23 UTC