PH stocks tumble on Brexit

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PHILIPPINE share prices slumped almost 2 percent by Friday’s recess as the United Kingdom voted to leave the European Union, sending shockwaves through global markets including that of the Philippines.

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The benchmark Philippine Stock Exchange Index (PSEi) fell below the 7,600-point level as it shed 1.98 percent or 153 points to end the morning trading at 7,576.78, while the broader All Shares index fell 1.76 percent or 80.81 points to end morning session at 4,517.63.

“The EU referendum result favoring an exit can change the economic environment in Europe,” First Grade Finance Inc. President and Managing Director Astro del Castillo, said.

Value turn over at the break stood at P4.1 billion with decliners clearly upstaging advancers, 138 to 40, while 39 issues remained unchanged.

All sub-indices suffered a decline in the morning, except for the mining and oil sector, which recovered 1.21 percent or 131.15 points, with the property sector incurring the steepest loss, down 2.12 percent or 71.37 points. KATRINA MENNEN A. VALDEZ 

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