PHL share prices slip further as China, Greece worries weigh

Share prices on the Philippine Stock Exchange continued to fall in early trading Wednesday as concerns over Greece and China spooked foreign investors that led to a capital flight from global equities market.

 

The bellwether PSEi was down 37.67 points or 0.52 percent to 7,146.20 as of 10:01 a.m. The All Shares index decreased by 16.76 points or 0.40 percent to 4,208.80.

 

Foreign investors are weighing fund flow movements in the region on developments in China and Greece, 2TradeAsia.com senior analyst Grace Cerdenia told GMA News Online.

 

"We were anticipating a technical rebound but cautiousness is still permeating this market," she said. 

 

"China's move to make bonds ineligible as collateral for loans and Greece bringing forward voting a new head of state scared investors," Cerdenia added.

 

On Wednesday, Asian shares pulled back as global growth concerns and political uncertainty in Greece prompting a flight to safety, Reuters reported. – VS, GMA News