Philippine stocks down as European leaders disagree on debt package

MANILA, Philippines—Philippine share prices fell on Thursday, as a split among European leaders on how to solve the continent’s debt crisis sent investors fleeing from risky emerging markets.

The benchmark Philippine Stock Exchange index (PSEi) slipped 0.55 percent, or 22.98 points, to close at 4,170.57 as the broader all-share index declined 0.44 percent, or 12.92 points, to 2,935.63.

This followed the movement of shares across Asia as disagreements on how to address the debt crisis in Greece and other parts of Europe emerged among European governments.

“[Thursday’s] market retreat was no more than a shared sentiment with global markets’ movements,” brokerage firm Accord Capital Equities said in its daily report.

Pessimism also swept Wall Street the night before, sending the Dow Jones industrial average down by 0.63 percent, the Standard & Poor’s 500 by 1.26 percent and Nasdaq by 2.01 percent.

All sub-indices fell, led by mining and oil, which lost 1.30 percent. This was followed by the financials sector, which fell 0.81 percent, and property shares, which lost 0.64 percent. Decliners, totaling 96, trumped advancers by more than two to one, while 34 stocks were unchanged.

IPVG was the day’s most actively traded share, but it fell by 7.47 percent as officials declined to confirm reports on the possible entry of gaming firm Bloomsbury Investments of businessman Enrique Razon Jr.