Philippine stocks slump 4%; down for 3rd straight day
Philippine stocks took a heavy beating yesterday, with the index dropping for the 3rd straight day to close at 4,157.03.
On Tuesday, August 10, the 30-company benchmark index Philippine Stock Exchange index (PSEi) tumbled 4.02% from Monday’s trading, the biggest drop since March 16, 2009 when the index nosedived 4.66% to 1,769.67.
Stocks are already down 9.5% from the peak registered on August 1 this year, and the bourse’s performance is crawling back to negative territory year-to-date with the PSEi dropping 1% from the start of 2011.
Losers outnumbered gainers in yesterday’s trading, with 170 stocks declining in value compared to only 14 stocks posting a gain.
Yesterday’s biggest losers include:
- VITARICH CORPORATION (VITA) — P0.43 (-21.8%)
- MEGAWORLD CORPORATION – WARRANTS2 (MEGW2)– P0.82 (-15.5%)
- WATERFRONT PHILIPPINES, INC.(WPI)– P0.55 (-15.4%)
- WELLEX INDUSTRIES, INC. (WIN) — P0.13 (-15.0%)
- THE PHILODRILL CORPORATION (OV) — P0.017 (-15.0%)
- PHILIPPINE ESTATES CORPORATION (PHES) — P0.12 (-14.9%)
- FIRST ABACUS FINANCIAL HOLDINGS CORPORATION (FAF) — P0.63 (-14.9%)
- PHILIPPINE TOBACCO FLUE-CURING & REDRYING CORPORATION (TFC) — P14.50 (-14.7%)
- MEGAWORLD CORPORATION – WARRANTS1 (MEGW1) — P0.84 (-14.3%)
- OMICO CORPORATION – WARRANTS (OMW2) — P0.18 (-14.3%)
Like the rest of the Asian markets, Philippine stocks were pummeled as a continuing result of the U.S. credit rating downgrade by ratings agency S&P and lingering uncertainty in the direction of the U.S. economy. In the European region, loan default issues in Greece, Ireland and Portugal were further exacerbated by a recent spate of public riots in London in the United Kingdom.
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