MANILA, Philippines ? Local stock prices fell on heavy volume on Wednesday as a knee-jerk reaction to a fresh monetary tightening in China.
The main-share Philippine Stock Exchange index lost 35.11 points or 0.9 percent to 3,843.37.
The market was weighed down most by the interest rate-sensitive financial and property counters, which fell by 1.86 percent and 2.1 percent, respectively.
All other counters likewise traded in the red but on a smaller magnitude.
Value turnover was heavy at P5.99 billion compared to the P3-billion levels in the past few days as a fresh quarter-percentage hike in China led to more profit-taking.
There were only 38 advancers as against 91 decliners while 41 stocks were unchanged.
PLDT, Metrobank, Aboitiz Power, Ayala Corp., Banco de Oro, Ayala Land, EDC, Security Bank, SM Investments, BPI, Megaworld and Nickel Asia succumbed most to the day's selldown.
On the other hand, AGI, Semirara Mining, San Miguel, DMCI Holdings and Globe Telecom bucked the downturn.
Overnight, the Dow Jones Industrial Index was up by 71.52 points or 0.59 percent to 12,233.15.