Local share prices dropped on Friday’s trade, as the Philippine market followed a global market sell-off on renewed concerns that the euro zone could slip into a feared recession.
The benchmark Philippine Stock Exchange index lost 34.54 points to close at 7,167.35. The main index went as low as 7,120 points before paring losses at the close.
“Market took lead from Wall Street, ,as indices dropped on renewed world growth concerns as Mario Draghi of ECB [European Central Bank] commented on the extremely low inflation in the euro area, which prompted investors to reconsider risks,” said Gab Aguila, equity analyst at DA Market Securities Inc.
“What we find positive is that the index has been receiving robust support as it continues to test support levels amid substantial drag,” he said.
Other subindices also dropped. The All Shares index lost 20.93 to 4,244.29; the Financials index dropped 8.41 to 1,689.63; the Industrial fell 79.11 to 11,472.22; and the Holding Firms was down 20.10 to 6,316.28.
Total volume of trade reached 17.23 billion shares, valued at P7.24 billion.
Losers edged gainers 116 to 63, and 43 shares were unchanged.
Ayala Land Inc. was the day’s most traded and it was up P0.10 to P33.55; GT Capital Holdings Inc. was unchanged at P1,080; Philippine Long Distance Telephone Co. dropped P34 to P3,010; Bloomberry Resorts Corp. rose P0.20 to P14.20; Universal Robina Corp. dropped P2.40 to P178.60; and Alliance Global Group Inc. lost P1.50 to P26.20.
VG Cabuag