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MANILA, Philippines - Philippine share prices tumbled on Monday as a sharp slowdown in US hiring and renewed uncertainties in Europe following elections in Greece and France triggered profit-taking among investors.
At the Philippine Stock Exchange, the composite index gave up 68.02 points or 1.28 percent to close at 5,229.53 on Monday.
All sub-indices finished in the red led by the 3.05-percent decline of the mining and oil counter.
Decliners dominated advancers, 136 to 36, while 31 stocks were unchanged. A total of 4.32 billion stocks worth P8.91 billion changed hands.
"Several investors heeded developments abroad specifically the latest incremental hiring trend in the United States plus results from weekend election in Greece and France," said Freya Natividad, investment analyst at 2TradeAsia.com.
On Friday, the Dow Jones industrial average dropped 168.32 points, or 1.3 percent, to 13,038 after US job growth weakened in April for a second straight month, sparking fears that the recovery of the world's biggest economy may be faltering.
Weekend poll results in Greece showed voters punishing pro-bailout parties, raising concerns that austerity efforts in Europe may be derailed.
In France, socialist Francois Hollande ousted incumbent Nicolas Sarkozy, who was responsible in crafting bailout schemes for troubled euro zone members and supported stringent fiscal measures.
"The market should take a technical breather temporarily. It is really needed for the market to prepare for another ascent to uncharted zones," Natividad said.
Last week, the PSEi surged to a new record of 5,300.41, marking the 19th time that the index has rewritten record levels this year.
The market may move sideways in the next few days, stabilizing around the 5,200 level, Natividad said.
The most actively traded stock was East West Banking Corp., which debuted on the local bourse. It rose 6.9 percent from its offer price to close at P19.78 apiece, defying the broader market's weakness.
Other active stocks were Megaworld Corp., Metropolitan Bank & Trust Co., International Container Terminal Services Inc. and Philippine Long Distance Telephone Co.
Gainers were led by IP E-Game Ventures Inc., EastWest Bank and Benguet Corp. "B." Top losers include Omico Corp. warrants, MJC Investments Corp. and Metro Pacific Tollways Corp.
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