PH stocks drop on fears of Greek contagion

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Share prices were mostly down on the Philippine Stock Exchange Friday as fears of a contagion from the Greek debt crisis weighed on investor sentiment.

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The benchmark PSEi dropped 0.57 percent o or 43.01 points to 7,535.30 at the closing bell. The broader All Shares lost 0.34 percent or 14.62 points to 4,320.43.

The market was volatile after the International Monetary Fund (IMF) released a sobering report on Greece, brokerage 2TradeAsia.com said

The Philippines may have little or no exposure at all when it comes to Greece, but concerns of a contagion among weaker economies pushed many investors toward the sidelines. Athens has called for a referendum this weekend to find out of the majority of Greeks want to accept the terms and conditions of its creditors.

”This might be visible in the currencies mart, as a potential ‘Grexit’ keep investors on their toes,” 2TradeAsia.

Over 891.4 million shares, valued at P5.176 billion were traded. Decliners outnumbered advancers, 83 to 65, while 57 issues were unchanged.

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