Philippines share prices closed 2.5 percent lower on Thursday, its worst finish in almost three weeks due to the sharp plunge on Wall Street and higher oil prices, dealers said. The composite index lost 96.16 points to 3,692.10 off a low of 3,682.85.
The broader all-share index fell 53.83 points to 2,291.23. Decliners overwhelmed advancers 111 to 12, while 34 stocks were unchanged. Volume reached 3.2 billion shares worth 4.5 billion pesos (103.67 million dollars). Philippine Long Distance Telephone fell 60 pesos to 2,985, pulling back after advancing for two consecutive days.
Trading in San Miguel shares were halted shortly after Japanese brewer Kirin announced it will acquire 100 percent of Australian dairy company National Foods from San Miguel for 294 billion yen (2.59 billion dollars).