Bourse tumbles on overseas concerns

MANILA, Philippines (Xinhua) - The stock market extended its losses today, tracking the US equities which failed to muster enough support from investors.

The bellwether Philippine Stock Exchange index lost 0.97 percent, or 58.80 points, to 6,022.81, while the broader all-share index retreated by 0.62 percent, or 22.81 points, to 3,668.94.

Trading volume reached 1.77 billion shares worth P5.74 billion ($126.5 million) with 102 stocks declining, 52 advancing, and 40 remaining unchanged.

All six counters were down.

"US stocks continue to fall on combined concerns over the United States Federal Reserves and China. European shares retreated while Asia opens weak on similar concerns," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

It was generally a slow day at the local equities with value turnover dropping below the average. Overseas, the Dow Jones industrial average index extended its slide to a fifth day, pulling aggregate losses to 620.68 points, or 3.8 percent lower from the previous session.

The Federal Reserve begins its final Ben Bernanke-presided meeting on Jan. 28 with investors keenly watching if a follow- through to the first $10 billion reduction in the stimulus program will ensue. Most recent economic data on the US economy have indicated the numbers are heading towards what the Fed defined as "policy guideposts."

For now, Calaycay said investors are keenly monitoring the release of corporate earnings. Companies are due to release their quarterly reports by mid-February.

Stocks in the 30-company index were mostly down. These include Ayala Corp., Jollibee Foods Corp., and Globe Telecom, Inc.