PSEi falls below 8,000

The local stock barometer slipped below the 8,000 mark Friday as valuation jitters were amplified by investors’ disappointment with Japan’s additional monetary stimulus.

The Philippine Stock Exchange index (PSEi) lost 61.87 points or 0.77 percent to close at 7,963.11, falling for the second straight session. The local market tracked regional peers, which were mostly sluggish after the Bank of Japan unveiled a new stimulus program. The Japanese central bank announced a doubling of its purchases of exchange-traded funds but maintained its base money target at $775 billion. Investors across the region were apparently expecting a more aggressive stimulus program.

For the week, the PSEi shed 62.24 points or 0.8 percent.

Friday, the PSEi was weighed down most by the property counter, which slid by 1.36 percent, while the financial, industrial, holding firm and services counters also dipped. Only the mining/oil counter ended with modest gains.

Value turnover for the day amounted to P11.93 billion. There were 82 advancers, which were edged out by 127 decliners, while 36 stocks were unchanged. Doris Dumlao-Abadilla