PHL shares sink almost 5% at end of morning session

Share prices on the Philippine Stock Exchange sank by almost 5 percent as foreign investors exit Asian equities on worries of Federal Reserve tapering its massive bond buying program.

 

"The market is bearish today as we are affected by the regional decline. Foreign investors are getting out of ASEAN markets," Claire Quiray, analyst at Regina Capital Development Corporation, told GMA News Online.

 

She noted that the market is reflecting what's happening in Japan and the negative close of US markets due to the possible scaling back of Federal Reserve's $80-billion monthly bond buying measure.

 

The main PSEi sank by 311.52 points or 4.75 percent to 6,245.13 at the noon recess. The broader all-shares index dropped 171.31 points or 4.22 percent to 3,892.40. All sub-indices were in the red led by services (-5.37 percent) and industrial (-5.18 percent).

 

More than 1.08 billion shares valued at P7.32 billion changed hands.

 

"This is a significant number in terms of value traded at just the first half of trading," Quiray said.

 

Decliners outpaced advancers 170 to 17 while 17 issues were unchanged. — VS, GMA News