PHL stocks dive 2.27% on extended profit-taking

Shares on the Philippine Stock Exchange closed sharply lower on extended profit-taking Wednesday, dragged by renewed risk aversion arising from the euro debt crisis and the potential fallout from the Philippine standoff with China over the Panatag Shoal.

 

“Still the same concerns driving the market... People are staying on the sidelines, waiting for fresh leads and some sign that the selling has slowed down,” said Jonathan Ravelas, chief market strategist of BDO Unibank.

 

The main PSEi dropped 113.22 points or 2.27 percent to 4,864.23.

 

More than 3.168 billion shares valued at P8.099 billion changed hands during the morning and afternoon sessions.

 

Decliners outpaced advancers 127 to 43, with 31 issues unchanged.

 

“4,750-4,850 levels are what the charts are saying,” said Ravelas, noting the PSEi’s immediate support area. —DMV/GMA News