Manila, Philippines (dpa) – Philippine stocks plunged 2.74 per cent on Friday dragged down by sharp declines in the United States and Europe following multiple downgrades of European banks.
The 30-share composite index of the Philippine Stock Exchange lost 137.60 points to close at 4,879.42, from Thursday’s finish of 5,016.84.
Losers led gainers 123 to 38, while 30 issues were unchanged. A total of 3.66 billion shares worth 5.91 billion pesos (139 million dollars) were traded.
Traders said investor concerns over Europe’s debt crisis were also aggravated by reports of weak US economic data, indicating that the economy was struggling to recover.