PH stock market battered by fears over European debt, US economy

MANILA, Philippines – Most local stock prices fell sharply on Tuesday as global markets turned risk averse over the lingering debt crisis in Europe and rising fears over another US recession.

The main-share Philippine Stock Exchange index slid by 79.48 points or 1.81 percent to 4,303.08 following a dismal day in European markets.

The local index struggled to stay afloat at 4,300 alongside weak trading across the region as investors braced for another tumultuous session when Wall Street reopens Tuesday after a long weekend. The Dow Jones Industrial Index futures index was down by over 200 basis points as of the local market’s closing.

All counters were in the red at the local market but the most heavily battered were the financial and mining/oil counters, which faltered by 2.6 percent and 2.2 percent, respectively.

Turnover amounted to P5.27 billion. There were nearly six decliners for every single gainer at the local bourse.

The PSEi was weighed down most by Lepanto “A” (open only to local investors), Metrobank, PLDT, Ayala Land, SM Investments, BPI, BDO, URC, Ayala Corp., Philex, Aboitiz Power, SM Prime, Lepanto “B” (open to both local and foreign investors), DMCI, FPH and ICTSI. San Miguel Corp. and Manila Mining also traded lower.

Among the few stocks that bucked the gloomy trading were Marcventures and Boulevard Holdings.