PH stocks plunge 3.4%, biggest 1-day loss this year


Posted at Jun 04 2012 05:59 PM | Updated as of Jun 05 2012 02:16 AM

MANILA, Philippines (UPDATE) - The Philippine Stock Exchange index (PSEi) plunged 3.4% on Monday, its biggest one-day loss this year, in line with Southeast Asian markets' tumble that was triggered by disappointing data from the US and China.

The index lost 172 points to close at 4,890.20, the first time in 5 sessions it settled below the 5,000 level.

Ayala shares lost 5.9%, while DMCI Holdings fell by 6%. Robinsons Land shed 6.5%.

Other Southeast Asian stock markets also fell as investors dumped risky assets across the region on heightened fears of a global slowdown after disappointing US and China.

Indonesia's Jakarta Composite was one of the region's worst performers on Monday, losing 3.8 percent. The index had been among Asia's top gainers since the 2008 financial crisis.

Earlier in the day, Asian shares dived, with Tokyo stocks slumping to a 28-year low, on fears of a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China.

While South East Asian countries sport relatively healthier economic growth than larger regional or global peers a slowdown in external demand is expected to take its tool hitting markets at a time when investors remain risk-averse.

Analysts at Malaysia's Affin Investment Bank said in a note to clients that weak manufacturing activity across the globe points to a further slowdown in growth over the second quarter in South East Asia. - ANC, Reuters