PH stocks fall on US, European woes

MANILA, Philippines—Local stocks faltered on extended trading on Monday as lingering economic uncertainties in the US and Europe weighed down on regional markets.

The main-share Philippine Stock Exchange index fell by 21.97, or 0.51 percent, to 4,263.19.

Dealers said the day’s downturn was in line with the slump elsewhere in the region. Asian markets tumbled following the credit rating downgrades on Italy and Greece alongside continuing jitters on the health of the US economy.

“Everyone was down, so was the local market,” a dealer said.

Local trading was thin at P3.62 billion as trading was disrupted earlier in the day due to technical problems at the PSE’s network.

As such, stocks trading was extended till 1:10 p.m. instead of the usual closing at 12:10 p.m.

There were only 29 advancers as against 98 decliners, while 42 stocks were unchanged.

The downturn was led by the property counter which dropped by 1 percent. Only the services counter ended with marginal gains.

Megaworld, Metrobank, AGI, Aboitiz Poiwer, DMCI, Metro Pacific Investments, EDC, First Gen, BDO and Ayala Land led the index lower.

Non-index stocks Atlas Mining, Cebu Air and Vista Land also fell in heavy trade.

The day’s index losses were tempered by the rebound of Lepanto “A,” ICTSI and URC.

Risk appetite was very low among foreign investors. There was P598 million in net foreign selling at the local market for the day.