PSEi down on deepening crisis at Japan nuclear reactor

Philippine share prices plunged Thursday on renewed worry that a deepening nuclear crisis in Japan will likely cripple the world's third-largest economy. "Natural and nuclear calamities in Japan caused widespread panic all over the world," said analyst Maria Arlysa Narciso of AB Capital Securities Inc. The Philippine Stock Exchange index dropped 61.06 points or 1.57 percent to close at 3,817.38, according to the PSE's online market information as of 12:10 p.m. More than 1.214 billion shares worth P4.006 billion changed hands. Decliners outnumbered advancers, 114 to 22, while 31 issues remained unchanged. AB Capital said external developments will continue to dictate the market's direction in the remaining days of the week. The Middle East is still in a state of unrest, with Bahrain as the latest nation to protest against its government, the brokerage firm pointed out. "If no actions are made to [address] these immediate threats, markets may remain weak and drop," Narciso said. — JE/LBG, GMA News