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MANILA, Philippines - Philippine shares on Wednesday succumbed to profit-taking, pulling down the benchmark index below the 4,900-line, after Greece finally abandoned coalition talks.
At the Philippine Stock Exchange, the composite index tumbled 113.22 points or 2.27 percent to close at 4,864.23, stretching its losing streak to a sixth session.
All sub-indices finished in the red led by the 3.18-percent decline in the mining & oil counter, and the 3.16-percent drop in the industrial sub-index.
Decliners beat advancers, 127 to 43, while 31 issues were unchanged. A total of 3.17 billion worth P8.10 billion changed hands.
"The sell-off was mostly brought about by the jitters in Europe and the selling across Asia today. There was profit-taking across the board," said Joseph Roxas, president of Eagle Equities Inc.
After more than a week of unsuccessful negotiations, efforts to form a new government in Greece unraveled, increasing the likelihood of a rejection of the bailout terms. The political deadlock prompted leading depositors to withdraw 700 million euros from local banks.
Overnight, the Dow Jones industrial average dropped 63.35 points, or 0.50 percent, to close at 12,632.00.
"Some first quarter income reports of companies were not as good as expected, leading to a downgrade of their price targets, so it's causing drops also," said Roxas.
The benchmark index may fall further to the 4,800 line, but the market’s six-day slump has made some bargains ripe for the picking, the analyst said.
Actively traded stocks were SM Investments Corp., DMCI Holdings Inc., Universal Robina Corp., Megaworld Corp. and Metropolitan Bank & Trust Co.
The day's biggest gainers were Anchor Land Holdings Inc., SPC Power Corp. and Roxas Holdings Inc. Top losers were Pancake House Inc., Rockwell Land Corp. and Megaworld warrants.
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