Written by Bloomberg
THE Philippine Stock Exchange Index fell 47.67, or 1.6 percent, to 3,005.01 at the close of trades yesterday its sharpest loss since October 29. More than two stocks fell for every one that rose on the broader All Share Index.
Metropolitan Bank & Trust Co. (MBT PM), the second-largest Philippine bank by assets, decreased 2.2 percent to P44, the lowest since December 22, on speculation a widening budget deficit will push up interest rates and dent earnings.
Bank of the Philippine Islands, the nation’s third-biggest bank, sank 3.1 percent to P46.50, its sharpest retreat since October 28. Read more...
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