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Roundup: Philippine bourse dives over concerns

Xinhua, January 7, 2016 Adjust font size:

The Philippine stock market suffered a huge blow on Thursday over concerns in China.

The bellwether Philippine Stock Exchange index dived by 2.86 percent or 195.02 points to 6,618.88, while the broader all-share index tumbled by 2.53 percent or 99.07 points to 3,814.48.

Trading volume reached 689.22 million shares worth 5.42 billion Philippine pesos (115.44 million U.S. dollars) with 162 stocks declining, 22 advancing, and 26 unchanged.

All six counters were down.

Analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment that concerns over the yuan is disturbing investors after the People's Bank of China defined a weaker reference rate for the Chinese currency, more than what markets were discounting.

The yuan went to a five-year low, pulling likewise the global equities.

Stocks in the 30-company index were mostly in the red. These include Ayala Corp., the Bank of Philippine Islands, and Jollibee Foods Corp. Endit