Philippines stocks led by top telecom firm PLDT and property developer Ayala Land ended at a two week-week low on Tuesday on anxiety over a possible downgrade of the country's credit ratings. Credit rating firm Moody's Investors Service said it had put the Philippines' long-term foreign and local currency debt on review for a possible downgrade due to doubts over the government's ability to rein in its fiscal deficit.
It also placed on review for possible downgrade the foreign currency long-term deposit ratings of eleven Philippine banks.
The main index fell 23.13 points or 1.28 percent to 1,789.03 points, its lowest closing level since it ended at 1,774.34 points on October 27. The market is up 24 percent so far this year.
Vistan said he expected the market to lose more ground on Wednesday after the main index broke below its immediate support of 1,800 points.
He pegged the next support at 1,780 points.
Philippine Long Distance Telephone Co, which accounted for nearly 36 percent of total market turnover on Tuesday, slipped five pesos to 1,385 pesos.
Ayala Land Inc, the second top traded issue, lost 10 centavos, or 1.45 percent, to 6.80 pesos.
SM Prime Holdings, the country's largest mall developer, also slid 6.49 percent to 7.20 pesos.
Bank of Philippine Islands, the country's second largest lender, lost 1.03 percent to 48 pesos while its parent, conglomerate Ayala Corp fell 4.55 percent to 6.30 pesos.
In the broader market, losers swamped gainers 45 to 17 while the prices of 50 issues were unchanged.