Index plunges for sixth straight session

MANILA, Philippines - Local share prices plunged for the sixth consecutive session after faster US economic growth fanned concerns the Federal Reserve will ease stimulus sooner than expected.

At the Philippine Stock Exchange, the benchmark index plunged 81.31 points, or 1.26 percent, to close at 6,355.18. The local barometer posted a weekly decline of 3.55 percent.

There were 103 decliners and 53 advancer, while 37 issues were unchanged. A total of 1.61 billion stocks worth P7.91 billion were traded.

All counters sustained losses led by the 30.09 points decline of the financial sub-index.

JG Summit was the day’s most actively traded stock following its inclusion in the MSCI Global Standard Indices. Other actively traded stocks were SM Investments, Meralco, SM Prime and Metrobank.

The top gainers were Nextstage, Bankard and Maybank ATR, while the biggest losers were Manila Mining A and B as well as LT Group.

Overnight, the Dow Jones industrial average was down 152.90 points, or 0.97 percent, at 15,593.98.

The US gross domestic product beat estimates after growing at an annualized rate of 2.8 percent in the third quarter. Investors are looking ahead to tomorrow’s release of the eagerly awaited US payroll data, which may give an insight as to when the Fed will scale back its stimulus program.