PHL shares down on euro debt crisis

Philippine share prices closed lower on Thursday as the euro debt crisis continues to weigh in on markets. The main Philippine Stock Exchange index dropped 22.98 points or 0.55 percent to 4,170.57, while the all shares index slipped 12.92 points or 0.44 percent to 2,935.63. Losers dominated gainers, 96 to 44, while 34 stocks closed unchanged. Volume traded reached 5.13 billion shares valued at P2.60 billion. All six sectoral indices retreated, with Mining & Oil leading the decline with a 1.30-percent dip. "Although European markets edged higher, the outlook dimmed in after hour trades as Germany and France continued to wrangle on the details of EFSF (European Financial Stability Facility)," said trader Justino Calaycay Jr. of Accord Capital Equities. — CMA/VS, GMA News