Local stocks drop on concerns about global economic recovery


Posted at Aug 12 2010 12:15 PM | Updated as of Aug 12 2010 08:15 PM

MANILA, Philippines - Local stocks fell anew on Thursday, reflecting the weakness in regional markets on mounting concerns about a slowing global economic recovery.

The main index of the Philippine Stock Exchange dropped by 1.1% or 39.81 points to 3,483.02.

The broader all-share index shed 1.1% or 24.12 points to 2,209.27.

Losers trounced gainers, 107 to 28, while 30 stocks ended unchanged.

Trading was thin with 902.052 million shares worth P3.653 billion changing hands.