Philippine share prices tumbled nearly 7 per cent on Thursday amid a selloff by foreign investors over concerns the US Federal Reserve was reducing its stimulus package, dpa reported. The 30-share composite index of the Philippine Stock Exchange lost 442.57 points, or 6.75 per cent, to close at 6,114.08. It was the lowest level for the index since January. A total of 2.47 billion shares worth 16.13 billion pesos (375 million dollars) were traded. Losers swamped gainers 182 to 18, while 24 issues were unchanged. "The dust has yet to settle on foreign selling," equities analyst Astro del Castillo said. "Fundamentally, there's nothing wrong with the economy. This is still because of the re-alignment of global funds to interests abroad."
