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Roundup: Philippine bourse slips on concerns overseas

Xinhua, January 11, 2016 Adjust font size:

The positive news of the U.S. employment data was overshadowed by fears of the slowdown in the Chinese economy sending local equities tumbling down on Monday.

The bellwether Philippine Stock Exchange index nosedived by 4.37 percent or 287.17 points to 6,288.26, while the broader all-share index tumbled by 4.23 percent or 160.31 points to 3,627.97.

Trading volume reached 4.79 million shares worth 7.23 billion Philippine pesos (153.77 million U.S. dollars) with 22 stocks advancing, 182 declining, and 28 were unchanged.

All six counters were down.

Now that the index broke the 6,500 line, the local brokerage said investors will test said level's resiliency before moving in.

It advises investors to gradually position on lows and start positioning on shares that are quick to recover once pessimism has abated.

"Overall, we think that investors should focus on counters of companies that are relatively less leveraged, less dependent on foreign revenue contributions and are expected to benefit from the usual rise in consumer spending as elections draw near," analyst Justino Calaycay of Accord Capital Equities Corp. said.

Stocks in the 30-company index were all down. These include Ayala Land, Inc., SM Prime Holdings, Inc., and the Bank of the Philippine Islands. Endit