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MANILA - (UPDATED 4:08 p.m.) Philippine share prices closed lower on Thursday on risk aversion ahead of the crucial Greece election this weekend.
At the Philippine Stock Exchange, the composite index gave up 88.76 points or 1.74 percent to 5,020.85.
Leading the market's decline was the financials sector, which fell 2.14 percent.
Decliners beat advancers, 105 to 53, while 33 stocks were unchanged. Value turnover surged to P18.67 billion as 1.22 billion stocks changed hands.
Actively traded stocks were Calata, Universal Robina, Alliance Global, PLDT and Ayala Land.
Top gainers were Manchester International Holdings, Benguet "A," and Calapan, while the biggest losers were Calata, Metro Pacific Tollways and Lorenzo Shipping.
"Apprehension continues to rise ahead of Sunday’s elections in Greece," said Jun Calaycay of Accord Capital Equities Corp.
"A win by anti-bailout advocates may derail the gains made by previous leaderships, including the agreements entered into to secure fresh rescue funds. The situation in Europe appears to be headed for a host of uncertainties and this is not playing too well into the investment mindset," said Calaycay.
On Wednesday, Moody’s Investor Service downgraded Spain's credit rating by three notches to “Baa3,” one notch above junk status.
“Whether we like it or not, the fate of the region’s hold on sentiments will not ease – not in the near- to medium-term. Real or imagined, it will continue to fan the fires of fear, tempering appetite for risky assets – equities being on top of the list," said Calaycay.
Overnight, the Dow Jones industrial average shed 77.42 points or 0.62 percent to 12,396.38 after US retail sales in May hit their worst level in two years, adding to concerns in the euro zone.
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