Philippine shares caught another bad cold overseas as Asian markets suffered a new rout in reaction to the sharp decline in the Dow industrial average Friday due to sluggish economic data released by the United States and the continuous slump in global oil prices. A Reuters report showed that Asian shares slid to their lowest levels since 2011 yesterday after weak U.S. economic data and a massive fall in oil prices stoked further worries about a global economic downturn. Last Friday, Wall Street stocks also hit a 15-month low before closing for the weekend. The Philippine Stock Exchange index (PSEi) sank by 114.41 points, or 1.77 percent, to close at 6,335.09, while the wider all shares dropped 59.12 points, or 1.60 percent to 3,638.88. “The market remains a tight-rope act – investors are eager for a catalyst strongly positive enough to hinge lingering optimism on. The news cycle however has [...]
