RP stocks track Wall St decline
Stocks retreated on Thursday as investors locked in profits following Wall Street's decline overnight due to fresh worries over a credit crisis and economic slowdown in the United States and high oil prices.
The Dow Jones industrial average slipped below 12,000 to an intraday low of 11,993.64, its worst finish in three months.
At home, the composite index fell 35.61 points or 1.4 percent to 2,592.59.
The broader all-share index lost 22.19 points or 1.3 percent at 1,636.29.
Losers outpaced gainers, 101 to 13, while 35 stocks were unchanged.
A total of 2.19 billion shares worth P2.6 billion were traded.
"Worries about inflation globally have not eased yet. Investors continue to be jittery over the effects of high oil prices to businesses and the economy. Locally, we are struggling with the same problem. We can't rely on the peso to temper high oil prices because it is also weak," said Harry Liu, president of Summit Securities.
"I don't see the market being bullish in the medium term because of surging prices. Rising interest rates are also seen to discourage investors more."
However, Liu expects the market to stage a technical rebound next week given its "oversold" condition.
Ayala Corp., the nation's biggest conglomerate, dropped P5.00 or 1.7 percent to P297.50. Its subsidiaries also ended in negative territory.
Ayala Land Inc. edged down P0.10 or 1.0 percent to P9.90 while Globe Telecom fell P10.00 or 0.82 percent to P1,215.00.
Banking stocks closed in the red, with sector leader Metropolitan Bank and Trust Co. (Metrobank) closing down P0.50 or 1.3 percent at P37.00. Metrobank has disclosed its planned issuance of P10 billion worth of unsecured subordinated notes.
Bank of the Philippine Islands plunged P2.00 or 4.1 percent to P47.00.