(Norman P. Aquino, GMANews.TV)
Local share prices tumbled on the first trading day of the month, largely swayed by Wall Street's disappointing performance last Friday as investors questioned the US economy's ability to sustain growth.
The Philippine Stock Exchange index plummeted by 2.37 percent or 69.98 points to 2,883.21, in a sell-off where almost P7 billion worth of stocks were traded. Subindices dropped across the board.
It was the lowest close in three months and the biggest percentage decline in five-and-a-half months.
"The US economy is still unstable right now because investors are quite disappointed with the status of the banking industry," analyst Emmanuel Soller of Equitiworld Securities, Inc. said in an interview.
Soller noted that stocks usually perform well in January and February, but local equities have been suffering because of jitters on Wall Street. Most of the fund managers that invest in local stocks are Americans, he pointed out.
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