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Philippine shares drop 5.18 per cent

Mohit Joshi 16 October 2008

Philippine shares drop 5.18 per cent Manila - Philippine shares dipped 5.18 per cent Thursday, tracking losses on Wall Street and other Asian stock markets.

The Philippine Stock Exchange's 30-share composite index slipped 116.04 points to close at 2,122.37.

Losers swamped gainers 119 to 5 with 18 issues unchanged.

A total of 2.01 billion shares valued at 2.32 billion pesos (48.53 million dollars) were traded.

Analysts said the local market was likely to remain bearish in the next few days amid fears that the United States, the country's largest trading partner, would enter a recession. (dpa)

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