Greek referendum jitters cause most local stock prices to tumble

MANILA, Philippines — Most local stock prices fell sharply on Wednesday on fresh concerns over the Greek bailout package and renewed fears over the performance of the Chinese  economy.

The main-share Philippine Stock Exchange index gave up 73.31 points or 1.7 percent to finish at 4,260.41.

All counters tumbled after the markets reopened from a long weekend break, taking their cue from the overnight bloodbath on Wall Street.  The worst-hit counters were the mining/oil and holding firms, which slipped by 2.4 percent and 2.1 percent, respectively.

This was after the the prime minister of Greece announced, to the surprise of many investors, that the amended European rescue plan that was earlier received warmly by global markets, would be put to a popular vote, the first referendum to be held in Greece since 1974.

Uncertainties over the Greeks’ acceptance of the bailout plan were aggravated by the unexpected drop in China’s preliminary factory output, dealers said.

Philippine stock market urnover for the day amounted to P4.68 billion.

There were 30 advancers against 113 decliners while 21 stocks were unchanged.

PLDT, EDC, AGI, Metrobank, URC, SM Investments, Philex, DMCI, SM Prime, BPI, ALI, Security Bank, Manila Mining A, Digitel, Lepanto A, ICTSI and BDO fell on heavy trade.  (“A” shares are open only to local investors.)

ISM Communications and Zeus Holdings were among the few that bucked the day’s downturn as they both gained in heavy trade.