Foreign selling drags index lower

Philippine stocks struggled on Tuesday as trading activity slowed and foreigners flipped from buying to selling, dragging the benchmark index lower.

The Philippine Stock Exchange (PSE) index retreated 0.40 percent, or 28.18 points, to 7,041.50 while the broader All Shares index sank 0.13 percent, or 4.77 points, to 3,686.48.

A total of 1.96 billion shares valued at P5.4 billion changed hands while overseas investors cut their holdings by a net amount of P361.58 million, data from the stock exchange showed.