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PHL share prices extend slump as risk aversion prevails


Philippine share prices extended losses on Monday as buyers found little or no reason to return to the market. The benchmark 30-company Philippine Stock Exchange index shed 48.79 points or 1.12 percent at 4,291.11 while the all shares lost 28.17 points or 0.93 percent at 2,989.27. Losers outnumbered gainers, 72 to 61, while 37 stocks closed unchanged. Save for Mining & Oil, which gained 2.68 percent, all other five sub-indices closed in red, led by Holding Firms' 2.25-percent slide. Volume traded reached 4.42 billion shares valued at P4.45 billion. Last Friday, Wall Street logged in another round of losses with the Dow sliding 1.57 percent and Nasdaq slipping 1.62 percent. As of mid-trade Monday, Asian bourses were mostly down with the main index in Jakarta declining by nearly 2 percent, and Seoul's and Singapore's dipping by some 1 percent each. The "twin troubles" of the sluggish US economy and Europe debt woes remained the market's key issues. "...risk aversion will most likely prevail...Investors looking for bargain stocks are advised not to be too hasty in buying. The current problems of the US and Europe will not disappear overnight and solutions should be for long term and not short term or quick fixes," said Prince Anthony Yeung of AB Capital in a market note posted online. Four of five most active stocks in the local session, however, advanced. Lepanto Consolidated Mining Co. "A", the day's top traded, rose P0.11 or 7.14 percent to P1.65, while its "B" shares leaped P0.12 or 7.5 percent to P1.72. Boulevard Holdings Inc. added P0.08 or 27.59 percent at P0.37. Telecommunications giant Philippine Long Distance Co. jumped P6 or 0.26 percent to P2,338. Sy-owned Banco de Oro Unibank Inc. dropped P0.45 or 0.76 percent to P58.55. -- CMA/OMG, GMA News

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