The composite index lost 22.82 points or 1.63 percent to settle at 1,372.70, creeping nearer to the 1,342.78 level recorded on Oct. 15, 1998 as the peso was likewise being battered by the dollar in an Asiawide financial contagion.
At the broader market, the All-Shares index also slipped 5.23 pts. or 0.78 percent to end at 663.23, as all counters plunged in the red.
Eagle Equities president Joey Roxas said economic concerns are now taking the spotlight out from the Mindanao military offensive as the market has gone weary of the Abu Sayyaf hostage drama, fearing more the prospects of a slowing economy with the slew of dampeners such as the falling peso and higher inflation.
"The foreigners are dumping their stocks," he said, adding however, that this could give local bargain hunters the cue to start accumulating oversold issues to fuel a brief technical rally.
Retreating stocks vastly outnumbered advancers, 75 to 12, while 46 issues held steady. Value turnover, went up to P1,128 billion, mostly on foreign selling.
Among those that yielded to heavy selling were PLDT, Metrobank, SM Prime Holdings, Ayala Corp. and Meralco.
Meralco B fell P1.50 to P48.50 after it confirmed reports it has withheld payments to the National Power Corp. amounting to P1.374 billion from June to September this year. The Lopez-controlled power distributor said this was due to the failure of Napocor to transmit the power generated by Meralco’s independent power producers.
San Miguel B shares were flat at P48 after the food and beverage conglomerate reported robust income in the first eight months. SMC said its August income rose 84 percent year-on-year, bringing to P4.3 billion, or 35 percent more, its net profit in eight months.
SMC likewise confirmed it has tendered a proposal along with the Atlanta-based Coca-Cola Co. to Australia’s Coca-Cola Amatil for a possible sale of CCA’s Asian businesses in exchange for the cancellation of CCA shares and the assumption of some debt.
However, CCA said the offer "was not acceptable" after considering its "indicative terms" but that it will consider any proposal which would increase value for all shareholders.
SMC, which holds about 22 percent stake in CCA, wants to buy back the Coca-Cola units in the Philippines and Indonesia.
Meanwhile, Atlas Consolidated Mining and Development Corp. said its board has approved an agreement with Alakor Corp. for the rehabilitation of its minesite in Toledo, Cebu, several months after rescinding the contract of Minoro Mining and Exploration Corp.
ACMDC severed its ties with Minoro last July 7 after the latter failed to comply with the rehabilitation program for the minesite.