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PSEi falls below 6,000

Local stocks slid below the 6,000-mark anew Wednesday, the last day of the so-called “ghost month,” due to jitters arising from the increasing likelihood of a US military strike against Syria.

The main-share Philippine Stock Exchange index lost 115.58 points or 1.9 percent to close at 5,968.33. Other markets in the region also tumbled sharply in morning trade but some pared or even reversed their losses later in the session ahead of the US Federal Reserve’s release of its latest commentary on economic conditions or “Beige book.”

“Ghost month ends today with most Asian markets in negative territory as threat of a limited strike on Syria seemed imminent,” stock brokerage Regional Capital said in its Twitter account.

Aside from the PSEi, among the worst hit equity markets yesterday were those of Indonesia (-2 percent) and Singapore (-1 percent).

The Philippines, being a net oil importer, could be adversely affected by higher oil prices in case a war erupts in the Middle East, dealers said. On Tuesday, Russian state-owned news agencies said their radar systems had detected two “ballistic objects” fired from the central Mediterranean toward the eastern part of the sea.

At the local market, there were thrice as many decliners for every single gainer. Value turnover amounted to P6 billion.

The biggest PSEi decliners were San Miguel Corp. and DMCI, which both fell more than 4 percent, while Energy Development Corp., SM Prime, Bloomberry, Aboitiz Equity Ventures and Aboitiz Power slumped over 3 percent. JG Summit, SM Investments Corp. and Globe Telecom all slipped more than 2 percent.

The day’s most actively traded stocks were the most valuable companies in the local market—SMIC (-2.71 percent) and PLDT (-2.11 percent), which both weighed the index down.

Among the most actively traded companies, two banks (both non-PSEi) defied the day’s downturn—PNB (+3.02 percent) and RCBC (+1.22 percent). Doris C. Dumlao

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Tags: Business , Markets and Exchanges , Philippine Stock Exchange index , PSEi , stocks

  • chitetskoy

    pansin ko mga gobyerno sa China ang ginagawang contractor ng mga projects miski flagpole at lightpost lang! susme. bakit hindi ito ipa-kontrata sa Pilipinas, tutal tayo din naman ang makikinabang, lalago pa ang ekonomiya natin, hindi yung gobyerno pa natin ang nagpapayaman sa mga intsik.


    A fool and his money are soon parted.

    The knowledgeable rakes in money while the inexperienced goes to the poor house.

    What separates the HAVES and the HAVE-NOTS, the RICH and the POOR, the DOER and the WHINER is KNOWLEDGE.

    Ang wala o kakaunting -alam ay parating nahuhuli sa kainan at nauuna sa labasan. Huwag sasali sa mga bagay na hindi naiintindihan at nakikinig lamang sa salita ng iba, Ang nakikinig sa sabi-sabi ay walang bait sa sarili.

  • joboni96

    bagsak ang sabungan ng intsik switik

    kumita dayuhan, kumita komisyon intsik switik
    nawalan ng kayamanan mga pilipino

    lisanin na ang sabungan na iyan
    invest in the provinces

  • Ben

    The Philippines, being a net oil importer, could be adversely affected by higher oil prices in case a war erupts in the Middle East, dealers said. On Tuesday, Russian state-owned news agencies said their radar systems had detected two “ballistic objects” fired from the central Mediterranean toward the eastern part of the sea.

    The Philippines never fully learn from the lessons of the past wars and other challenges that resulted in the increase of oil price. And here we are still struggling to implement the biofuel act that would reduce oil import by replacing with our own domestically produced ethanol…..another one is, WHERE IS THE PPP? We must maintain our progress steady by strategic implementation of the PPP to stimulate the GNP to further nudge it to 8% but we are ningas cogon and corrupt that we tend to fear ourselves in implementing a fast track PPP….

    • casperrr

      We don’t have much sources for bioethanol. Currently, sugar canes (main sources of bioethanol) are mainly used for food production. Why not, sugar pays higher than bioethanol.

      Kailangan pang mag-clear ng forests para madagdagan ang sources ng sugar cane.

      Meron ding “exotic sources” like water lily na output ng mga thesis at high school research pero obviously di feasible kaya di nagpprosper.

  • Julian de Sota

    ghost month? na naman ang dahilan ngayon? LOL

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