Drop in US, European equities causes Phl bourse to slide

MANILA, Philippines (Xinhua) - The Philippine stock market today erased the gains it made after US and European stocks dropped on Monday.

The bellwether Philippine Stock Exchange index dived by 1 percent, or 64.33 points, to 6,336.34, while the broader all-share index retreated by 0.84 percent, or 32.49 points, to 3,829.24.

Trading volume reached 870.55 million shares worth P6.73 billion ($148.97 million) with 117 stocks declining, 40 advancing, and 58 were unchanged.

"Investors found little motivation to stay positive, given a slide in both US and European markets overnight," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

The Dow Jones industrial average index lost 0.16 percent, or 26. 08 points, while the Euro Stoxx 50 index of eurozone bluechip stocks fell 1.5 percent.

"Asia Pacific markets struggled with only the New Zealand, Taiwan, and Shanghai shares posting gains. The rest of the region is also covered in red," Calaycay said.

The analyst said the less-than-expected manufacturing numbers in the US dampened sentiments today, although this was partially offset by the stability in the hiring of American private firms.

Meanwhile, European stocks were dragged by concerns over Crimea and China's slowing economy.

Stocks in the 30-company index tumbled. These include heavyweight Philippine Long Distance Telephone Co., Ayala Corp., and Ayala Land, Inc.