(UPDATE) Phl bourse sees huge losses on slump in US, Asian stocks

MANILA, Philippines (Xinhua) - The Philippine stock market experienced one of its biggest losses this year following the slump in US and Asian equities.

The bellwether Philippine Stock Exchange index dived by 2.78 percent, or 199.26 points, to close Monday's session at 6,968.09, while the broader all-share index slipped by 2.31 percent, or 98. 05 points, to 4,146.24.

Trading volume reached 9.82 billion shares worth P8.35 billion ($186.77 million) with 174 stocks declining, 26 advancing, and 26 were unchanged.

All six counters were down.

"Share prices slipped right at the opening bell as bears rode on Friday's global slump to keep the bulls at bay," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

The Dow Jones industrial average index suffered a three-digit drop on Friday while Asian equities stumbled to seven-month lows on Monday over concerns of faltering global growth.

Concerns over valuations together with the outlook for China and Eurozone economies have also deflated confidence.

"It would seem at this point that the default mode is pessimism and only a fresh whiff of a positive news cycle can overturn sentiments and encourage the bulls to lay the foundations for a year-end push," Calaycay said.

Stocks in the 30-company index were all down. Among those heavily sold down were Ayala Land, Inc., Alliance Global Group, Inc., and Universal Robina Corp.