PSEi still worst market in Asia; peso near 3-year low
ABS-CBNnews.com
Posted at 08/28/2013 6:05 PM | Updated as of 08/28/2013 6:14 PM
MANILA, Philippines - The Philippine Stock Exchange index was again the worst market in Asia on Wednesday.
The PSEi closed at 5,738.06, down 3.02% or 178.93 points. The index recovered from morning trade, which saw the PSEi falling by as much as 6%.
But analysts warned the slide is not over yet, amid uncertainties in the Federal Reserve's stimulus program and the Syrian unrest.
They added the Philippines' second quarter GDP report, which will be released tomorrow, will also be a key factor in the market's direction.
Among the day's biggest losers were SM Investments, which plunged 7.45% to P634 and Alliance Global, which fell 5.68% to P23.25. Metrobank and Ayala Corp. also slipped more than 3 percent.
The Philippines, Thailand and Indonesian markets all slipped to bear market territory on Wednesday.
Meanwhile, the peso weakened by 25 centavos to close at P44.75 against the US dollar, its lowest level in nearly three years.