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MANILA, Philippines - (UPDATED 6:15 p.m.) Philippine share prices on Friday failed to sustain the previous session's rebound as lingering concerns overseas prompted investors to dump risky assets, dragging the benchmark index below the 4,900 level.
At the Philippine Stock Exchange, the composite index plunged 137.60 points or 2.74 percent to 4,879.42.
A total of 3.67 billion stocks worth P5.92 billion changed hands. Losers beat gainers, 123 to 38, while 30 stocks were unchanged.
"Fear of another downward spiral in the credit situation in Europe spurred several rounds of declines in the PSEi. The woes spilled over to US markets and in Asia as well as Greece's fate is weighed on whether it should leave the European Union or stay," said Maria Arlysa Narciso of AB Capital Securities Inc.
The week's 278-point or 5.4-percent decline brought the index's valuation to 16.43 times price-earnings, Narciso said.
Concerns about Europe intensified after credit rating agency Moody's Investors Service downgraded 16 Spanish banks. Greece will hold an election next month, which may lead to the nation’s eventual exit from the European Union.
Economic data from the United States also added to market anxiety as business conditions in the mid-Atlantic region surprisingly contracted this month. Jobless claims were also unchanged from the prior week.
Overnight, the Dow Jones industrial average slid 156.06 points, or 1.2 percent, to 12,442.49.
Actively traded stocks were Metrobank, DMCI, PLDT, Alliance Global and SM Investments.
Top gainers were Jolliville, Acesite and Manila Jockey Club, while the day's biggest losers were Liberty Flour Mills, PBCom and Unioil.
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