The 18-month sovereign debt crisis facing Greece is not only bringing their government to the brink of collapse as public fury over savage austerity measures erupted, but it is also sending world economy tumbling.
The scope of impact was not limited to richer creditor countries of the eurozone only, but also sent Philippine stocks exposed to risk and ended lower on 17 June 2011.
The bellwether Philippine Stock Exchange reportedly dipped by 0.67 percent or 28.30 points to 4,173.08, while the broader all-share index declined by 0.01 percent or 0.37 point to 2,947.98. Trading volume has reached 2.02 billion shares worth US$ 118.96 million with 65 stocks declining, 60 advancing, and 46 unchanged.
Many analysts agreed that this will be a long week of chaos as the euro area faces a very challenging situation that comes mostly from the interconnection of the sovereign debt crisis and the situation of the banking sector. This grim situation is expected to be copied by the Philippine stock market because of the growing fears that a Greek default could spark "contagion" across Europe, causing Greek banks to implode and inflicting major damage on the big banks in France and Germany.
Hence, it is not surprising to see the Dow Jones industrial average index take a dive by 1.48 percent or 178.84 points to 11,897.27, while all Asian equities were already trading in the red.
Some brokerage firms said the bargain hunting that entered during the mid-part of the session because of the improvement in the country' s unemployment rate failed to boost the stock market, which was dominated mostly by sellers.
The Americans too are exasperated with the failure of the big EU states to resolve the crisis and fear for the impact of a Greek default on the international economy. Greek borrowing costs soared to record levels as investors took fright.
The scope of impact was not limited to richer creditor countries of the eurozone only, but also sent Philippine stocks exposed to risk and ended lower on 17 June 2011.
The bellwether Philippine Stock Exchange reportedly dipped by 0.67 percent or 28.30 points to 4,173.08, while the broader all-share index declined by 0.01 percent or 0.37 point to 2,947.98. Trading volume has reached 2.02 billion shares worth US$ 118.96 million with 65 stocks declining, 60 advancing, and 46 unchanged.
Many analysts agreed that this will be a long week of chaos as the euro area faces a very challenging situation that comes mostly from the interconnection of the sovereign debt crisis and the situation of the banking sector. This grim situation is expected to be copied by the Philippine stock market because of the growing fears that a Greek default could spark "contagion" across Europe, causing Greek banks to implode and inflicting major damage on the big banks in France and Germany.
Hence, it is not surprising to see the Dow Jones industrial average index take a dive by 1.48 percent or 178.84 points to 11,897.27, while all Asian equities were already trading in the red.
Some brokerage firms said the bargain hunting that entered during the mid-part of the session because of the improvement in the country' s unemployment rate failed to boost the stock market, which was dominated mostly by sellers.
The Americans too are exasperated with the failure of the big EU states to resolve the crisis and fear for the impact of a Greek default on the international economy. Greek borrowing costs soared to record levels as investors took fright.
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