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Philippine shares end 1.3 percent lower

Philippine shares end 1.3 percent lower

Philippine stocks fell Wednesday, tracking Wall Street's overnight drop on renewed credit worries.
The 30-company Philippine Stock Exchange Index finished 1.3 percent lower at 3,209.53 points in moderately light volume.
"This plunge is more sentiment driven and is no way reflective of the Philippines' fundamentals," said Ron Rodrigo, head of research at Unicapital Securities.
AB Capital Securities research head Jose Vistan said investors will have to consider several variables Thursday: U.S. markets' performance, second-quarter economic figures to be released by the government, and political jitters caused by the upcoming court verdict on former President Joseph Estrada's plunder case.
Wednesday, Philippine Long Distance Telephone Co. shares dropped 0.4 percent to 2,580 pesos, property developer Ayala Land Inc. retreated 3.6 percent to 13.25 pesos, and Banco de Oro Universal Bank lost 5.2 percent to 54.50 pesos. Losers led gainers 109-12, with 35 issues unchanged.
Second-quarter economic growth is likely down from the first quarter's 17-year-high GDP growth of 6.9 percent, economists said, citing slower export growth and government spending cuts weeks before May elections.
The peso fell versus the U.S. dollar, which was boosted as investors exited peso-denominated stocks in the equities market. The dollar closed at 46.83, up from 46.71 on Tuesday.


Updated : 2021-02-26 03:43 GMT+08:00