By Leslie D. Venzon
MANILA, (PNA) –- Local share prices extended its slump for a second day on Friday, dragged by regional influences and a lack of fresh leads from the domestic window.
The barometer Philippine stock market index declined 43.96 points to 6,539.81 from previous day’s 6,583.77.
”An influx of negative news shifted bias to the bears, pushing optimism to the sidelines,” said Jun Calaycay, an analyst at Accord Capital Equities Corp.
”A “de facto” money tightening in China and a more stringent stress test parameters set by the ECB (European Central Bank) for next year plus United States company earnings were the main issues on which European and US trades turned,” he said.
Almost all counters fell more than one percent.
Only the property stocks rose significantly 2.07 percent.
Total volume turnover reached 1.93 billion valued at P10.05 billion.
Decliners dominated advancers, 94 to 48, while 36 issues were unchanged.
The day’s biggest losers were led by United Paragon Mining Corp., Alphaland Corp., Benguet Corp., Pancake House Inc. and Millennium Global Holdings Inc.