RP share prices drop on Wall Street’s lead

The steep drop of Wall Street stocks Friday continued to impact on Philippine share prices, analysts said Monday. The Philippine Stock Exchange index closed at 3,424.29 points, dropping 18.39 points or 0.5 percent. Over 1.13 billion stocks worth about P2.383 billion were traded. Markets remain "very dependent" on the performance of the US market, according to analysts with ATR KimEng Securities Inc. The trend being shown by the main index would continue as the market tracks developments overseas, ATR KimEng said. Other stock markets in Asia also fell Monday, according to the Associated Press, on the heels weak US consumer confidence and corporate results that fell short of expectations. —JE/VS, GMANews.TV