Business News
Philippine shares slide more than 3 per cent on profit-taking
Oct 3, 2011, 5:52 GMT
Manila - Philippine shares dropped 3.34 per cent Monday because of profit-taking after three-consecutive days of gains last week.
The Philippine Stock Exchange's 30-share composite index plunged 133.82 points to close at 3,865.83.
Traders said market sentiment was dragged down by declines in key bourses in Asia. The declines were seen in the region a day after Greece said it would miss its 2011 and 2012 budget deficit targets that were set for it to receive a bailout and avoid bankruptcy.
A total of 7.52 billion shares worth 3.16 billion pesos (71.91 million dollars) were traded.
Losers outpaced gainers 127 to 33 while 24 issues were unchanged.
Starting Monday, the stock market extended its trading for one hour in preparation for longer trading hours in January.
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