PH shares dragged by Wall St. fall on poor US data

Philippine shares were down for the second straight day as market participants continued to cash in their gains, taking their cue from Wall Street’s fall overnight following weak US housing and earnings data.

“Asia continues to take its cue from the US, which last night snapped its longest winning streak in six months as the first set of disappointing earnings and home prices fell,” Accord Capital Equities Corp. analyst Justino Calaycay said.