PH stocks drop further

Philippine stocks fell for a seventh straight session on Thursday amid ongoing external worries, analysts said. The slump also comes ahead of speeches by the powerful United States Federal Reserve that would give further clues on an interest rate increase before the end of the year.

From bargain hunting gains early in the session, the benchmark Philippine Stock Exchange Index ended down 1.06 percent, or 73.90 points, to 6,909.82 while the broader shares index also declined 0.79 percent to 4,007.08.

Trading volume was relatively low, with 2.95 billion shares valued at P6.5 billion changing hands.

“The ghost of the Fed and concerns over a global economic slowdown remain,” Astro Del Castillo, First Grade Finance Inc. managing director, said in an interview.

De Castillo noted that the decline, nevertheless, was already going against “positive” economic fundamentals at home.

“Anything below 7,000 is a bargain,” he said.

Losers were led by property, which sank 2.23 percent, followed by holding firms, down 0.67 percent, and financials, down 0.58 percent. Miguel Camus