PHL stocks index dives below 6,400-level

MANILA, March 14 (PNA) — Local share prices dipped below the 6,400-level on Friday following Wall Street’s losses overnight on lingering concerns about weakness in China’s economy.

The benchmark Philippine Stock Exchange index (PSEi) fell 38.55 points to 6,391.24 from previous day’s 6,429.79 finish, extending its slump for a third day.

Brokerage firm 2tradeasia.com said investors’ sentiment tracked Wall Street’s overnight retreat apart from concerns over slowing growth from anchor regional economies such as China.

The Dow Jones Industrial Average (DJI) lost 231 points, while the Nasdaq Composite declined 62 points.

Almost all counters were in the negative territory.

Share prices of the services sector recorded a 1.23-percent gain.

Holding firms rose slightly.

Volume of transactions was thin at 1.09 billion shares valued at P7.56 billion.

Decliners dominated advancers, 94 to 60, while 51 issues were unchanged.

The day’s top losers were led by Boulevard Holdings Inc., 2Go Group Inc., Ever-Gotesco Resources and Holdings Inc., Integrated Micro-Electronics Inc. and Philweb Corp. (PNA)