Bourse tumbles on drop in US stocks
MANILA, Philippines (Xinhua) - The Philippine stock market ended today's trading session in the red following the drop in US equities.
The bellwether Philippine Stock Market lost 0.52 percent, or 36. 12 points, to 6,901.09, while the broader all-share index fell by 0.48 percent, or 20.10 points, to 4,136.50.
Trading volume reached 44.79 billion shares worth P15.41 billion ($356.11 million) with 109 stocks declining, 67 advancing, and 51 were unchanged.
"Directions (were) taken anew from Wall Street, while fund managers check on second quarter preliminary indications from local listed firms," 2TradeAsia.com said in its daily stock market comment.
The Dow Jones industrial average index dropped 70.54 points on Thursday, along with the Nasdaq and S&P 500.
The online brokerage said investors should expect volatility in the coming sessions over fears of the US Federal Reserve's tightening ahead of schedule. This, it said, is on top of Portugal 's financial concerns.
"It might be timely to check on second and third-tiers," 2TradeaAsia.com said.
Stocks in the 30-company index were mostly down. These include Alliance Global Group, Inc., heavyweight Philippine Long Distance Telephone Co., and Metropolitan Bank and Trust Co.
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