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Philippine stock index tumbles 2.9 percent to lowest in 2 months

Philippine stock index tumbles 2.9 percent to lowest in 2 months

Philippine shares tumbled Tuesday after heavy losses on Wall Street overnight on concerns about the extent of the U.S. credit crisis.
The Philippine Stock Exchange Index fell 104.61 points, or 2.9 percent, to end at 3,540.61 _ its lowest level since Sept. 26.
Losers swamped gainers 126 to 10, while 38 stocks were unchanged.
"This fall is a knee-jerk reaction to what happened in Wall Street last night. Investors prefer to either stay on the sidelines or lighten up their exposure," said Jonathan Ravelas, a market strategist with Banco de Oro.
Accord Capital Equities said concerns over the global credit crunch will likely continue to dampen investor sentiment and prevent aggressive positioning in the stock market.
Top traded Philippine Long Distance Telephone Co. plunged 2.1 percent at 3,015 pesos, leading other blue chips in the decline.
Call center provider eTelecare Global Solutions Inc. fell 1.3 percent to 395 pesos.
Ayala Corp., the Philippines' largest conglomerate, lost 1.7 percent to 570 pesos. Its subsidiary, Bank of the Philippine Islands, declined 5.4 percent to 61 pesos, while rival Metropolitan Bank & Trust Co. retreated 5.5 percent to 52 pesos.
The peso slightly rose versus the U.S. dollar as demand for the greenback tapered in late trading. The dollar ended at 43.11, down from 43.19 on Monday.