(UPDATE) Bourse extends losses on drop in Asian stocks

MANILA, Philippines (Xinhua) - The Philippine stock market extended its losses today, tracking mostly the performance of Asian equities.

The bellwether Philippine Stock Exchange index declined by 0.52 percent, or 36.80 points, to 7,066.74, while the broader all-share index tumbled by 0.43 percent, or 17.92 points, to 4,167.22.

Trading volume reached 11.76 billion shares worth P6.03 billion ($134.8 million) with 97 stocks declining, 69 advancing, and 47 were unchanged.

All six counters were down.

"Local share prices generally tracked its neighbors in Asia, which were headed lower approaching the noon break," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market said.

US stocks were mostly lower, although the Dow Jones industrial average index managed a late-session run to finish 12 points in the green.

"Investors held back purchases ahead of a US Federal Reserve decision on whether to end the stimulus program," Calaycay said.

He said markets are also awaiting the US Fed's announcement at the conclusion of the meeting, specifically on the timing of interest rates adjustment.

"Investors are still obviously looking for fresher leads mainly from domestic earnings plus overseas developments. The market will continue to move sideways with a slight downward bias until the numbers come out," Calaycay said.

Stocks in the 30-company index closed mixed. Among those sold down were heavyweight Philippine Long Distance Telephone Co., Ayala Corp., and SM Prime Holdings, Inc.