Stocks post worst decline since August ’09

LOCAL STOCKS slumped 2.4 percent on Monday to post its worst performance in more than five months as a weak global investor sentiment, aggravated by escalating domestic fundamental concerns, triggered a massive selldown of blue chips.

The main-share Philippine Stock Exchange index lost 69.98 points to close at a three-month low of 2,883.21 after breaching a key support level at 2,900.

In terms of percentage drop, it was also the worst daily bloodbath seen by the index since Aug. 17 last year when it plunged by 2.77 percent.

The selldown in the local stock market was broad-based, leaving 103 decliners as against only 15 advancers and 40 unchanged stocks.

Dumped yesterday were Philippine Long Distance Telephone Co., Ayala Corp., Alliance Global Group Inc., Bank of the Philippine Islands, SM Investments Corp., Energy Development Corp., Jollibee Foods Corp., Manila Electric Co., and Metro Pacific Investments Corp.

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