MANILA, Philippines -- Stocks fell 34.99 points to 2599.05 at the open Friday after Wall Street's 3.0-percent or 350-point plunge Thursday, ahead of US Congress’ vote on a $700-billion financial rescue plan for banks hit by subprime debts.

"The US will have to go through a period of consolidation first before we see global markets turn for the better. It has to take the bitter medicine, namely the bailout before things get better," Summit Securities president Harry Liu said.