AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

Philippines shares closed down 12.3 percent on Monday in a broad sell-off that forced a 15-minute trading halt as regional markets were hit by fears of a global recession, dealers said. The composite index lost 239.66 points to 1,713.83 after falling through the 10 percent level in the late morning, which triggered an automatic trading halt.
The fall - the biggest in one day since February 28, 2007, when the market lost 263.84-point, or 7.9 percent - was spurred by worries over the prospects of the US and Chinese economies. The index is now at its lowest level since September 20, 2004, when the main barometer of the Philippine stock market's performance ended at 1,702.21 points.
Turnover was relatively thin at 1.1 billion shares worth 1.6 billion pesos (32.2 million dollars), with 123 issues in retreat, 13 unchanged and just five managing to survive the bloodbath.
The peso traded at an average of 49.312 to the dollar in the morning after the central bank intervened, flooding the market with an estimated 100 million dollars, according to dealers, after the local unit touched a 22-month low. A sharp fall on Wall Street Friday sparked the early selling which accelerated after Banco de Oro, the country's second largest bank, reported a 1.3 billion peso loss in its July to September quarter on exposure to collapsed US investment bank Lehman Brothers.
"The market isn't acting rationally, and I suspect it is partly because of continuing fund redemption and margin calls," Joey Roxas of Eagle Equities told Dow Jones Newswires. Banco de Oro plunged 24 percent to 22.50 pesos.
Top-traded Philippine Long Distance Telephone fell 14.2 percent to 1,850 pesos. Ayala Corp dropped 11.9 percent to 200 pesos, its Ayala Land arm lost 8.6 percent to 5.30 pesos, and unit Bank of the Philippine Islands ended 10 percent down to 36 pesos. SM Prime Holdings gave up 9.7 percent to 6.50 pesos. San Miguel A shed 2.3 percent to 42 pesos, while its B shares were 4.5 percent down to 42 pesos.

Copyright Agence France-Presse, 2008

Comments

Comments are closed.