By Leslie D. Venzon
MANILA, Oct. 10 (PNA) –- Local shares tumbled anew on Friday, spurred by a negative lead from Wall Street.
The barometer Philippine stock exchange index (PSEi) declined 34.54 points to 7,167.35 from previous day’s 7,201.89 close.
”Market took lead from Wall Street as indices dropped on renewed world growth concerns,” said Gab Aguila, equity analyst at DA Market Securities Inc.
The Dow Jones Industrial Average index declined 334 points, while Nasdaq Composite lost 90 points on concerns over Europe’s economy.
Aguila said this amid European Central Bank (ECB) president Mario Draghi’s comment on the extremely low inflation in the Euro area which prompted investors to reconsider risks.
”What we find positive is that the index has been receiving robust support as it continues to test support levels amid the substantial drag,” he said.
All counters were in the negative territory, led by mining and oil that declined 1.47 percent.
Volume of transactions reached 17.23 billion shares valued at P7.24 billion.
Decliners dominated gainers, 116 to 63, while 43 issues were unchanged. (PNA)