Roundup: Philippine bourse closes lower on Greece's NO Vote

Greece's decision to reject an international bailout package send the Philippine stock market tumbling on Monday.

The bellwether Philippine Stock Exchange index dived by 1.06 percent or 80.15 points to 7,455.15, while the broader all-share index retreated by 1.28 percent or 55.21 points to 4,265.22.

Trading volume reached 519 million shares worth 5.48 billion Philippine pesos (121.42 million U.S. dollars) with 131 stocks declining, 31 advancing, and 42 were unchanged.

All six counters were down.

"Greece's 'no' vote against austerity measures proposed by its European creditors adds to the uncertainty over its membership in the euro," online brokerage 2TradeAsia.com said in its daily stock market comment.

The online brokerage said traders took their cue from foreign institutional players' response to the referendum, while majority of them opting to hold onto cash or reposition funds in safer markets.

On Sunday, 61 percent of Greeks rejected the austerity plans, calling the bluff of German Chancellor Angela Merkel and keeping the country's fate as a member of the euro zone hanging.

Greece's dilemma has already sent equities across the globe, including the Philippines, crashing from record highs as investors shied themselves away from the risk after Greece missed 1.7 billion U.S. dollars in payment to the International Monetary Fund on Wednesday.

For now, 2TradeAsia.com said contrarians might be quick on seize on dips to buy but advises investors to steer clear of possible supply pressure and to trade a range.

Stocks in the 30-company index bled. These include Metropolitan Bank and Trust CO., heavyweight Philippine Long Distance Telephone Co., and Ayala Land, Inc. Endi