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PSEi down 2.79%

Local stocks fell sharply Monday, tracking the weak sentiment across regional markets that were hit anew by jitters over the US Federal Reserve’s tapering of easy money policy.

Unable to stay afloat the 6,500 barrier, the main-share Philippine Stock Exchange slid by 181.57 points or 2.79 percent to close at 6,318.91. Stock markets across the region were mostly in the red as improving jobs data in the United States bolstered expectations of an imminent unwinding of the Fed’s quantitative easing or bond buyback activities.

At the local market, all counters faltered but the most battered were the industrial and holding firm counters which both slid by over 3 percent.

Value turnover, however, was still thin at P5.49 billion. There were four decliners for every single gainer.

Jose Mari Lacson, head of research at stockbrokerage Campos Lanuza & Co., said there were still foreign funds dumping local equities. “You could say that the selldown two weeks ago was overdone but at the end of the day, there are fundamental reasons why they are exiting.”

Lacson said the main index might again slide below 6,000 but like in the previous fall, any decline close to the 5,900-6,000 might attract bargain hunters.

The day’s biggest index decliners were DMCI (-5.78 percent) and Aboitiz Power (-5.68 percent) while Robinsons Land, SM Investments, Ayala Corp., SMC and Universal Robina all lost more than 4 percent. Metro Pacific Investment, Jollibee and Globe fell by more than 3 percent. Doris C. Dumlao

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Tags: Business , stocks


    HAIRCUT time.

    What separates the totoys from the machos is the pusong mamon. Stay the course if you’re in and if not, buying on the way down of FUNDAMENTALLY STRONG issues like BDO, BPI, MBT, and AC is a sound idea. Do your diligence, as usual.

    The rich get richer and the poor, poorer because the rich use their minds and not their hearts in managing their funds. They can sniff where the money flows; the other does not.

  • Allen Douglas

    Waiting for a Malacanang SPIN this time…..

  • carlcid

    What is now clear is that the Philippines is not “an investment oasis in the
    midst of economic turmoil in the world”, as Malacañang once boasted.

    The Philippine stock market goes up and down depending on the flow of liquidity. Not because of PNoy’s governance, as the Malacañang propaganda machine had attempted to con the Filipino people into believing.

  • ProudToBePinoy75

    What is happenning to our stock market is not unique to ph. Even the thief and land grabber china is doing worse

  • crisostomo_ibarra_the3rd

    Gaya ng paulit ulit kong sinasabi. 6500 by end of the year ang target at support level na kaya ng PSE. Anything below that is normal. Anything over that is abnormal and overacting.

  • Jhon

    “You could say that the sell down two weeks ago was overdone but at the end of the day,there are fundamental reasons why they are exiting”

    hmmmm, ano ang fundamental reasons na yun? anyone?

    • spitfire

      Baka yong sinasabi ni PNoy at kanyang mga blabbers na “sound fundamentals” di kaya? Yon ding yong “fundamental reasons” why the investors are exiting.

      It’s not only funny but also hilarious in the Philippines.

  • well

    normal lang yan mag akyat baba araw araw saan ka ba nakakita ng stockmarket na puro lang pataas o puro nalang pababa? eh di wala na dyang kumita

  • bongarroyo

    o bumagsak na naman pala bakit nag-iisa pa lang ang talangka rito? LOL

    team sfakefire pasoookk..

  • kilabot

    daang matuwid flip-flopping again.
    whatever happened to previous advertisements;
    some untruth in advertising, i suppose;

    the pied piper of abnoyance and his dumbbeaters
    are sooo quiet lately.

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