PSE index ends lower on Middle East tension

Philippine share prices dropped on Monday as investors worry over the political unrest spread in the Middle East. There is "uncertainty" in the Middle East that may impact on oil production, said trader Jasper Jimenez of Banco de Oro Securities Inc. Most of the world's oil reserves are in this region. Demonstrators in Bahrain, Libya, and Yemen have been staging anti-government protests to topple their presidents. The Philippine Stock Exchange index dropped 13.80 points or 0.36 percent to close at 3,837.44, according to the PSE's online information as of 12:10 p.m. Market turnover was "relatively low" at P2.441 billion, with more than 1.019 billion shares changed hands. There were 71 decliners, 48 advancers, and 47 unchanged issues during Monday's trading session. There were "no fresh leads" in the domestic front that pushed the market, Jimenez also said. He pointed out that investors "discounted the uptick" of the Dow Jones Industrial Average last Friday. The Dow gained 73.11 points to close at 12,391.25. — JE/OMG, GMA News