Philippine stock index plunges 4.6% (7:30 p.m.)
MANILA — Philippine shares plunged Thursday, tracking steep falls across Asia as investors worried about a global recession.
The Philippine Stock Exchange index lost 97.09 points, or 4.64 percent, at 1,995.92, extending Wednesday’s 1.1 percent drop.
Decliners outnumbered gainers 117 to three, with 13 stocks unchanged. All sectors ended in the red.
“People can find all sort of excuses, but the market is in a very weakened state,” said Irvin I. Ackerman, president of I. Ackerman & Co. Inc.
“Market sentiments are very bad and not yet finished. With that big a drop … it might come down more,” he said.
Top-traded Philippine Long Distance Telephone Co. fell 4.79 percent at 2,185 pesos, while geothermal producer Energy Development Corp. slid 4.6 percent at 3.10 pesos.
Property developer Ayala Land Inc. plummeted 7.8 percent at 5.90 pesos, while parent company Ayala Corp. was down 4 percent at 235 pesos. (AP)
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