Share prices declined anew on Thursday along with other Asian markets, still on continuing uncertainty on United States’ plan to scale down stimulus programme, the Philippines News Agency reported.
The benchmark Philippine Stock Exchange index plunged 75.90 points or 1.14% from previous day’s 6,656.61 finish, ending a string of three straight trading days gains.
The local equity market is expected to remain volatile until next month when the Fed is expected to make disclosures for US stimulus plan, according to a market analyst.
“Right now we are tied to the US. The Federal Reserve policy affects our monetary policy,” he said.
Thursday’s market slump was led by holding firms stocks that plummeted 2.88%. The sub-indices of other counters fell moderately, except mining and oil that rose 0.45%.
The volume of transactions was thin at 909.49 million valued at P7.07 billion. Decliners won gainers, 84 to 70, while 46 issues were unchanged.
The day’s biggest losers were Imperial Resources, DFNN, Berjaya Philippines, SM Investments Corp. and Philippine Estates Corp.