PSE retreats to 6,600-level amid euro zone worries
MANILA, Philippines - After breaching the 6,700-level on Monday, the Philippine Stock Exchange index dropped on Tuesday, dragged by renewed concerns over the euro zone crisis.
The PSEi lost 1.35% to 6,630.67, while the broader all-shares index fell by 0.77% to 4,144.87.
Decliners beat advancers 111 to 55, while 43 issues remained unchanged.
Among Wednesday's big losers were Banco de Oro, whose shares slipped 0.91% to P91.60 apiece, and Manila Water, whose shares dropped 1.51% to P35.75, despite strong profits reports.
Meanwhile, shares of the Energy Development Corp. jumped 2.1% to P7.75 apiece as operations resumed at the Bacman Plant. Shares of Manila Electric Company (Meralco) also climbed 0.38% as investors reacted to its strong 2012 profit.
At the foreign exchange market, the peso closed seven centavos weaker at P40.75 against the dollar from P40.68:$1 on Monday. -- ANC