Philippine stocks down sharply in mid-trade

Philippine share prices were sharply lower in mid-trading, following a volatile Wall Street session overnight which finally saw the Dow Jones Industrial Average lose 34.95 points. As of 10:13 a.m., the 30-company Philippine Stock Exchange index has lost 86.76 points or 2.59 percent at 3,264.90. Losers were clobbering gainers 79 to 5, while 28 stocks were flat. The worst hit sub-index was mining and oil, which had slipped 4.12 percent to 8,033.86. Telecommunications giant Philippine Long Distance Telephone Co. has fallen P50 or 1.68 percent to P2,935. Conglomerate Ayala Corp. has shed P17.50 or 3.59 percent at P470. Sy-led retail giant SM Prime Holdings Inc. has lost P0.40 or 4.08 percent at P9.40. - Cheryl Arcibal, GMANews.TV