Local shares drift lower on weak global economic data

ABS-CBN News

Posted at Aug 11 2010 12:18 PM | Updated as of Aug 11 2010 08:18 PM

MANILA, Philippines - Local shares drifted lower on Wednesday, dragged down by edgy investors in the
regional markets following new measures by the US Federal Reserve to bolster the world's largest  economy.

Shares were also weighed down by weaker economic data in Asia's biggest economies - China and Japan.

At home, the absence of fresh catalysts prompted investors to cash in recent gains.

The main index of the Philippine Stock Exchange (PSE) edged down by 0.08% to 3,522.72.

The broader all-shares index fell by 0.16% to 2,233.47, with only the financial and services sectors
finishing in positive territory.

Losers outpaced winners, 81 to 53, while 35 stocks ended unchanged.

A total of 1.42 billion shares worth P720.16 billion changed hands.