The stock market drop off for the second day Thursday following a heavy sell-off on Wall Street as a mixed bag of data raised concerns about the global economy.
The Philippine Stock Exchange index dropped 71.80 points, or 1 percent, to 7,196.26 on a value turnover of P9.4 billion. Losers overwhelmed gainers, 139 to 41, with 47 issues unchanged.The rest of emerging-market stocks fell to a six-month low.
“The sharp decline in US equities and the looming end to the US bond-purchase program is making markets nervous,” the head of research at Krungsri Securities Pcl Kasamapon Hamnilrat said from Bangkok. “Markets will face very big swings in fund flows.”
Philippine Long Distance Telephone Co.(PLDT), the biggest telecommunications fall by 1 percent to P3,040.
Security Bank Corp. dropped 2.9 percent to P140.30, while SM Prime Holdings Inc., the biggest builder,goes down 2 percent to P17.44.
The largest snack food maker Universal Robina Corp., declined 1.7 percent to P182.10.
The largest lessor of office spaces Megaworld Corp., lost 1.8 percent to P4.83,
Nickel Asia Corp., the biggest nickel producer, slipped 7.3 percent to P40.80.
Abra Mining & Industrial Corp. sank 29.5 percent to P0.0079.
Property developer Ayala Land Inc. fall 2 percent to P33.80.