Trading volume reached 6.82 billion shares worth 8.63 billion pesos (199.74 million U.S. dollars) with 77 stocks declining, 59 advancing, and 37 unchanged.
Trading volume reached 6.82 billion shares worth 8.63 billion pesos (199.74 million U.S. dollars) with 77 stocks declining, 59 advancing, and 37 unchanged.
Of the six counters, only the service sector bucked the trend and gained 0.38 percent.
"The market tracked down the unresolved dilemma in Europe as the supposed meeting of European Union finance ministers that could have patched the crisis was canceled," brokerage DBP-Daiwa Securities, Inc. said.
The brokerage said the increased anxiety in the global markets caused investors to be extra cautious in Wednesday's trading.
Overseas, the Dow Jones industrial average index tumbled by 207 points on Tuesday. Major Asian stock markets meanwhile were spared on Wednesday.
DBP-Daiwa Securities, Inc. said the canceled meeting has increased anxiety in the global markets and investors have realized that there will be no quick solution to the current financial crisis.
Analyst Justino Calaycay of Accord Capital Equities Corp. said Wednesday's performance showed that the local market was keeping to the sidelines as it awaits for progress in the unfolding European financial drama.
"On the technical front, the composite index was able to hold above a critical support at 4,200. In light of the overnight meltdown in the Dow and in Europe, the 17-point loss does not seem alarming," he said.
The analyst said investors' growing bias remains toward the positive direction, that is, unless Europe fails to come up with a rescue plan.
Stocks in the 30-company index closed mixed. Ayala Land, Inc., Metropolitan Bank and Trust Co., and Alliance Global Group, Inc. all closed lower.For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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