Stock market bleeds amid debt crisis in Europe
By Danessa O. Rivera 09/27/2011The local stock market, which has been used to the familiar ground of breaking records since the start of the year, suffered a blood bath yesterday as the Philippine Stock Exchange index (PSEi) dropped a steep 164.74 points to close at 3,721.22, the lowest level for the year and erasing its gains since January.
The sharp drop in the bourse index, however, merely mirrored a downtrend in Asia where most markets tumbled amid the worsening debt crisis in Europe.
Anxious Asian traders fear European leaders will not be able to find a solution to the region’s debt crisis.
Accord Capital Equities Corp. analyst Justino Calaycay said the PSEi failed to keep a marginal gain at the market’s opening as a regional slump dragged shares lower amid elevated risks as an acceptable solution to the Greece crisis remained elusive..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/headlines/20110927hed2.html
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