The local stock barometer tumbled Monday as the worsening Greek debt crisis spooked regional financial markets.
The Philippine Stock Exchange index (PSEi) lost 54.67 points or 0.72 percent to close at 7,567.38. Elsewhere in the region, stock markets suffered a bloodbath due to risk aversion triggered by the Greek crisis.
The Shanghai and Hong Kong indices were respectively down more than 3 percent and 2 percent. The Indonesian, Malaysian, Singaporean and Korean stock exchanges tumbled more than 1 percent.
Total value turnover for the day amounted to P5.9 billion. There were only 63 advancers versus 109 decliners while 43 stocks were unchanged.
Megaworld led the PSEi lower, falling more than 2 percent. Ayala Corp., SM Investments Corp., Globe Telecom, BPI and Energy Development Corp. all declined more than 1 percent.
Universal Robina Corp., PLDT, GT Capital, Ayala Land Inc., Metrobank, SM Prime and BDO also contributed to the day’s decline.
On the other hand, DMCI, JG Summit and Aboitiz Power posted modest gains.
Outside of the PSEi, other notable gainers were Vista Land (+2.38 percent) and Robinsons Retail Holdings (+3.38 percent).
Dealers said emerging market stocks were being sold off ahead of the June 30 deadline for Greece to meet debt payments to the International Monetary Fund. Doris Dumlao-Abadilla