By James A. Loyola
Local share prices fell sharply on early trade on Thursday following a massive sell-off in Wall Street overnight on various negative economic news overseas but made a strong bounce from the day’s low at the close.
The Philippine Stock Exchange index (PSEi) lost just 29.79 points, or 0.38 percent, after plunging as much as 234 points early in the session, to finish at 7,828.86, although only the Holding Firms sector managed to end in the green. A total of 788.997 million shares valued at P11.81 billion was traded.
But decliners swamped advancers, 149-54, with 42 7 unchanged.
Regina Capital Development Corporation Managing Director Luis Limlingan said the decline is due weak economic data from China, GDP contraction in Germany, and the first inverted US yield curve in more than 12 years which stoked fears of a global recession. (JAL)