Stocks down sharply

The local stock barometer slid below the 7,100-mark Monday as investors pocketed recent gains ahead of the release of the country’s first-quarter economic growth data and rising jitters on the US Federal Reserve’s stimulus program.

Declining for the third consecutive session, the main-share Philippine Stock Exchange index gave up 171.4 points or 2.36 percent to close at 7,097.51.

But Philippine Stock Exchange president Hans Sicat said in a forum organized by Asiamoney that the local equities market was still in a “growth” mode and no bubble was in sight. Based on current market fundamentals, he said the market would likely remain robust—not just in terms of a PSEi upswing but also in terms of increasing volume and value traded—at least through 2014.  Doris C. Dumlao