Business News

Nov 20, 2008, 4:08 GMT

Philippine stocks plunge 3.45 per cent

Manila - Philippine share prices plunged 3.45 per cent on Thursday, dragged down by Wall Street's overnight losses as investors braced for a prolonged economic slump. The 30-share composite of the Philippine Stock Exchange lost 65.85 points to close at 1,842.33 from Wednesday's finish of 1,908.18. A total 552.06 million shares worth 1.38 billion pesos (28.16 million dollars) were traded. Losers led gainers 96 to 12, while 22 issues were unchanged. Traders said investors were jittery after the Dow Jones industrial average tumbled 5.07 per cent overnight to its lowest level in five-and-a-half years.

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