MANILA, Philippines - Philippine share prices on Friday dropped anew as investors chose to liquidate their assets and flee to more stable investments, analysts said.
The 30-company Philippine Stock Exchange index 42.43 points or 2.1258 percent to 1,953.49 while the all-share index slipped 23.30 points or 1.8144 percent to 1,260.86.
Losers dominated gainers 92 to 23 while 24 stocks were unchanged.
Volume traded reached about 847.4 million valued at about P1.951 billion.
Jet Lazaro, Abacus Capital trader, said foreign funds continued to dump local stocks in favor of raising cash.
Asian markets led by Japan's Nikkei and Hong Kong’s Hang Seng were also on a steep slide, losing by triple digits each.
“It’s the same story everywhere. Fund managers are forced to liquidate their assets and get out of emerging markets. There's no let-up," he said.
Friday’s decline was the fourth straight session that the local bourse suffered losses.
Lazaro also noted that issues were selling at their prices some three years ago.
“We’re back to levels three years ago. Some are even selling at their pre -1997 Asian financial crisis," Lazaro said.
He added that following the 1997 crisis, the local bourse had bottomed out only in 2002.
"The qualitative difference of that crisis with this one is that our listed companies are liquid and even our economy is doing much better. Back then local companies had a lot of foreign debts, magnifying the impact of the Asian crisis," he said.
Lazaro added that for next week the local bourse's support levels will come in between 1,909 and 1,805.
Except for four issues, all in the 20 most traded stocks for the day declined.
Telecommunications giant Philippine Long Distance Telephone Co. dipped P30 or 1.373 percent to P2,155.
Ayala Corp., one of the country's largest business groups, slumped P8 or 3.4043 percent to P227.
Geothermal power producer PNOC-Energy Development Corp. tumbled P0.15 or 4.8387 percent to P2.95.
Property giant Ayala Land Inc. dove P0.10 or 1.6949 percent to P5.80.
Globe Telecom Inc., the country's second-largest telecommunications company, shed P10 or 1.1494 percent at P860. - GMANews.TV
The 30-company Philippine Stock Exchange index 42.43 points or 2.1258 percent to 1,953.49 while the all-share index slipped 23.30 points or 1.8144 percent to 1,260.86.
Losers dominated gainers 92 to 23 while 24 stocks were unchanged.
Volume traded reached about 847.4 million valued at about P1.951 billion.
Jet Lazaro, Abacus Capital trader, said foreign funds continued to dump local stocks in favor of raising cash.
Asian markets led by Japan's Nikkei and Hong Kong’s Hang Seng were also on a steep slide, losing by triple digits each.
“It’s the same story everywhere. Fund managers are forced to liquidate their assets and get out of emerging markets. There's no let-up," he said.
Friday’s decline was the fourth straight session that the local bourse suffered losses.
Lazaro also noted that issues were selling at their prices some three years ago.
“We’re back to levels three years ago. Some are even selling at their pre -1997 Asian financial crisis," Lazaro said.
He added that following the 1997 crisis, the local bourse had bottomed out only in 2002.
"The qualitative difference of that crisis with this one is that our listed companies are liquid and even our economy is doing much better. Back then local companies had a lot of foreign debts, magnifying the impact of the Asian crisis," he said.
Lazaro added that for next week the local bourse's support levels will come in between 1,909 and 1,805.
Except for four issues, all in the 20 most traded stocks for the day declined.
Telecommunications giant Philippine Long Distance Telephone Co. dipped P30 or 1.373 percent to P2,155.
Ayala Corp., one of the country's largest business groups, slumped P8 or 3.4043 percent to P227.
Geothermal power producer PNOC-Energy Development Corp. tumbled P0.15 or 4.8387 percent to P2.95.
Property giant Ayala Land Inc. dove P0.10 or 1.6949 percent to P5.80.
Globe Telecom Inc., the country's second-largest telecommunications company, shed P10 or 1.1494 percent at P860. - GMANews.TV
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