MANILA, Philippines - Philippine share prices on Thursday slid for the second straight session as concerns in Europe and slower China exports dragged the composite index below the 4,200 level.
At the Philippine Stock Exchange, the benchmark index lost 22.69 points or 0.43 percent to 5,192.10.
Decliners beat advancers, 134 to 31, while 36 stocks were unchanged. A total of 7.2 billion stocks worth P7.97 billion changed hands.
"Heightened political tensions in Greece as well as the shifting tides in leadership configurations in the broader region kept a lid on optimism sending equity prices lower past midweek," said Jun Calaycay of Accord Capital Equities Corp.
In Europe, pro-bailout leaders and parties suffered defeat in recent polls with a standoff in Greece threatening the continuity of the economy’s compliance with the conditions set forth in its rescue packages.
News that Greece will receive its latest debt bailout payment cut losses of the Dow Jones industrial average late in the session. The Dow fell 97.03 points, or 0.8 percent, to 12,835.06.
The yield on Spain's 10-year bond also rose above six percent, seen as a dangerous level among investors, for the first time this year.
In the absence of leads on the domestic front, investors also booked profits after lower China exports added to the stream of bad news.
"As the earnings season unwinds, the market may shift focus to second- and third-liners driven by corporate stories while waiting for economic numbers to further validate a positive outlook," said Calaycay.
Actively traded stocks were SM Investments Corp., Alliance Global Group Inc., Bloomberry Resorts Corp., Philippine Long Distance Telephone Co. and Ayala Corp.
Top gainers were Pancake House Inc., Jolliville Holdings Corp. and Euro-Med Laboratories Phils. Inc., while the day's biggest losers were LMG Chemicals Corp., Dizon Copper Silver Mines Inc. and Oriental Peninsula Resources Group Inc.
source: interaksyon.com
