Philippines share prices closed 2.8 percent lower on Wednesday on heightened fears the United States could sink into recession, dealers said. Weaker-than-expected US retail sales in December and a massive loss for Citigroup further unsettled global markets, they said.
The composite index shed 95.63 points to 3,351.66. That was its weakest finish since September 18 last year when it closed at 3,289.75. The broader all-share index fell 55.07 points to 2,064.09. Decliners overwhelmed advancers 125 to 17 with 28 stocks unchanged.
A total of 2.1 billion shares worth 3.6 billion pesos (88.47 million dollars) changed hands. PAL Holdings fell 20 centavos to 5.60 pesos. Philippine Long Distance Telephone was down 25 pesos to 2,985. Ayala Corp fell 32.50 pesos to 487.50. San Miguel Corp A was down 2.50 pesos to 56.50. San Miguel B fell 2.50 pesos to 57.