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MANILA, Philippines - Philippine shares sank Thursday, tracking a drop on Wall Street and on markets around the region, as investors worried about how U.S. President-elect Barack Obama will address the country's economic woes.
| PHI | 46.87 |  -0.58 |
The Philippine Stock Exchange index lost 64.59 points, or 3.21 percent, at 1,941.62. All sectors ended in the red and decliners outnumbered gainers 84 to nine, with 32 stocks unchanged.
"We followed the U.S. market drop," said Claire Quiray, an analyst with Accord Capital Equities Inc. "Concern is how the government of Obama will move to address (the economic) problem. Investors are watching what will happen after Obama's election."
Top-traded Philippine Long Distance Telephone Co. fell 3.9 percent at 1,940 pesos. Geothermal producer Energy Development Corp. plummeted 4.7 percent at 3.05 pesos.
Ayala Corp., the country's largest conglomerate, slid 2.9 percent at 230 pesos.
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