Philippine stock index down 3 percent on US slump
By
Associated Press
January 21, 2009
|
Philippine shares plunged Wednesday, tracking the overnight slump on Wall Street on concerns over the U.S. economy.
The Philippine Stock Exchange index shed 57.81 points, or 3 percent, to 1,840.12, extending Tuesday's 1.3 percent loss.
"This is a sympathy slump with America," said Rene delos Reyes, a trader at Abacus Securities Inc.
But he said Philippine shares were likely to divert from U.S. stocks' track in due time because "though our sentiment is affected, our fundamentals are better than theirs."
Top-traded Manila Water Company Inc. fell 3 percent to 9.40 pesos.
Philippine Long Distance Telephone Co. ended 3.3 percent lower at 2,025 pesos. Ayala Corp., the country's largest conglomerate, tumbled 5 percent to 209 pesos. Its unit Bank of the Philippine Islands slid 3.8 percent to 37.50 pesos.
Decliners outnumbered advancers 70 to 18, with 32 issues unchanged.
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