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Philippine stock index tumbles 3.4 percent

Philippine stock index tumbles 3.4 percent

Philippine shares tumbled for a second straight session Tuesday as investors took their cue from losses in the U.S. and Asian markets.
The Philippine Stock Exchange Index fell 66.40 points, or 3.4 percent, to 1,873 points.
Losers outnumbered gainers 85 to 8, with 26 issues unchanged.
"We took directions from neighboring markets," said Abacus Securities Corp. trader Rene delos Reyes. "The U.S. market was down overnight, and other markets were also down."
Top-traded stock Philippine Long Distance Telephone Co. shed 95 pesos, or 4.3 percent, to close at 2,140 pesos.
Conglomerate Ayala Corp. fell 10 pesos, or 5 percent, to 192 pesos and Manila Electric Corp. slid 2.50 pesos, or 4.4 percent, to 54 pesos.