(TradingMarkets.com)
The Philippine stock market closed to its four-month low on Tuesday, tracking mostly the performance of the U.S. market which succumbed to continued concerns over the debt of the euro zone.
The main-share Philippine Stock Exchange index lost 1.72 percent or 48.99 points to 2,797.61, while the all share index retreated by 1.33 percent, or 24.37 points, to 1,799.12. The last time the bellwether touched the said level was still on Sept. 28 when it ended at 2,784.65.
Trading was slim where only 884 issues valued at 3.27 billion pesos (70.28 million U.S. dollars) were changed hands. Foreign investors were net buyers at 345 million pesos (7.41 million U.S. dollars).
Market breadth continues to be negative with 95 issues slipping and only 19 stocks closing higher. A total of 40 stocks meanwhile did not move.
All six counters fell, led by mining and oil stocks which tumbled by 3.26 percent or 303.66 points to 8,955.64.
"The local market has again tracked its overseas counterpart. The euro crisis is further aggravated by U.S. President Barack Obama's plan to curb the risky activities of the banks and both developments are sending jitters to the global market," said Emmanuel Soller of Equitiworld Securities Inc..
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