Local stock prices falter amid Greek bailout jitters

MANILA, Philippines—Local stocks prices faltered in thin trade on Thursday as the European bailout package for Greece stood on shaky ground.

The main-share Philippine Stock Exchange index shed 50.16 points or 1.2 percent to finish at 4,210.25 as bearish sentiment swept across Asian markets as European leaders took a tougher stance on Greece, which wants to put the new bailout package to a popular vote.

The leaders of France and Germany threatened to hold back any further lifeliner for Greece until the debt-strapped state decides it wants to stay in the euro zone.

At the local market, all counters were in the red but the worst hit were the mining/oil, holding firm, property and services counters which dropped by 2.4 percent, 1.2 percent, 1.68 percent and 1.3 percent, respectively.

Turnover was thin at P3.89 billion, reflecting the cautious market sentiment.

There were only 48 advancers against 79 decliners while 32 stocks were unchanged.

Among the stocks that traded in the red were PLDT, URC, AGI, Lepanto A, ICTSI, Megaworld, DMCI, Metro Pacific Investments, BDO, Metrobank, BPI, Ayala Corp., Security Bank, Manila Mining A, Zeus Holdings and San Miguel Corp.

SM Investments, Puregold and Manila Water bucked the day’s downturn.

Although the Dow Jones Industrial Index rebounded by 178.08 points or 1.53 percent to 11,836.04, investors focused more on latest EU developments which were not factored in by Wall Street.