PSEi drops 1.4%, biggest 1-day loss since July

Posted at 12/14/12 6:32 PM

MANILA, Philippines - The Philippine Stock Exchange index fell the most in five months, as investors dumped stocks they deemed expensive.

The index was down 1.4%, its biggest one-day loss since July this year. It settled at 5,707.11.

Leading Friday's losers are Ayala Land, which dipped 3% and Metrobank which is down 2.14%.

Alliance Global Group also dropped by 1.79%.

Meanwhile, at the foreign exchange market, the peso ended barely changed, closing at 41.09 against the dollar. - ANC