Philippine stock index drops 5.2 percent (4:35 p.m.)
MANILA — Philippine shares plunged Thursday as worried investors watching another huge drop on Wall Street dumped shares amid worries about a global recession.
The Philippine Stock Exchange index fell 116.04 points, or 5.2 percent, to 2,122.37, extending Wednesday’s 1.55 percent fall.
Decliners led gainers 119 to 5, with 18 issues unchanged.
“Everybody is watching Wall Street,” said RCBC Securities Research head Chelsea Dipasupil. “Given the uncertainty in the market, it’s better to hold on to cash.”
“It will take some time before a positive impact is seen from the bailout,” she said.
Claire Quiray, an analyst at Accord Capital Equities Inc., said investors felt it was better to sell than risk a further fall in the price of shares.
Top-traded Philippine Long Distance Telephone Co. shed 4.8 percent at 2,275 pesos.
Energy Development Corp. dropped 5.7 percent at 3.30 pesos, while property developer Ayala Land Inc. finished 6.6 percent down at 7.60 pesos.
In New York, the Dow Industrial average ended down 733.08, or 7.87 percent, at 8,577.91 - its second-biggest point loss ever. (AP)
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