PHL stocks slip on negative sentiment from overseas markets

Shares on the Philippine Stock Exchange slipped over negative sentiments from markets abroad.   “The uncertainties from Europe continue to affect us… and the US market was also down last night,” said Ramon Torres, head of UCPB Trust Group portfolio management.   The main PSEi dropped 137.60 points or 2.74 percent to 4,879.420.   More than 3.669 billion shares value at P5.919 billion were traded.   Decliners outnumbered advancers 123 to 38, with 30 issues unchanged.   Asian shares tumbled on Friday and were set for their worst weekly showing since September, amid political turmoil in Greece and signs of growing instability in Spanish banks, with investors adding the latest weak US data to the list of risk factors, Reuters reported.   Overnight on Wall Street, the Dow Jones industrial average ended down 156.06 points, or 1.24 percent, at 12,442.49, Reuters noted in a separate report.   Adding to the pressure against Philippine stocks was that nobody wants to take additional positions over the weekend, said UCPB Trust Group’s Torres.   “I guess foreigners are cashing in on gains, and the locals are waiting for better prices,” Torres noted.   At this point, the next support is at 4,800, he added. —GMA News