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Roundup: Philippine bourse dives following the drop of U.S. equities

Xinhua, December 4, 2015 Adjust font size:

The Philippine stock market dived on Friday following the three-digit drop of the U.S. equities.

The bellwether Philippine Stock Exchange index retreated by 1.03 percent or 72.17 points to 6,921.93, while the broader all-share index tumbled by 0.86 percent or 34.48 points to 3,993.23.

Trading volume reached 1.71 billion shares worth 4.96 billion Philippine pesos (105.16 million U.S. dollars) with 112 stocks declining, 50 advancing, and 38 were unchanged.

All six counters were down.

"Players were on watch-and-see mode, as they check for regional guidance' response to Wall Street's sharp overnight retreat," online brokerage 2TradeAsia.com said in its daily stock market comment said.

The Dow Jones industrial average index fell 252 points, while the Nasdaq Composite index was down by 85 points.

2TradeAsia.com said the European Central Bank's move to lower its benchmark rate to 0.3 percent would induce increased volatility in currencies and this might affect the movement of the local equities in the coming days.

"Check for potential accumulation as supply pressure eases," it said.

Stocks in the 30-company index were mostly down. These were Ayala Corp., SM Prime Holdings, Inc., and Robinsons Land Corp. Endit