Global equities slump weighs down PH market

The Philippine Stock Exchange index (PSEi) yesterday fell back to the 7,000 level, weighed down by a global equities slump alongside a selldown on Bloomberry.

Breaking a crucial psychological barrier at 7,100, the PSEi shed 102.98 points, or 1.44 percent, to close at 7,072.10, tracking a global downturn caused by falling oil prices.

The local market was down for a fifth day in a row.

All counters declined sharply, led by the property subindex which fell by 2.01 percent.

Value turnover for the day amounted to P9.5 billion. There were nearly seven decliners for every single gainer at the market.

“Now that PSEi is below 7,100, it is safe to buy with 2015 in mind,” said Gus Cosio, president of First Metro Asset Management Inc.

The PSEi’s decline was led by Bloomberry, which slid by 9.79 percent on news that an arbitration tribunal had freed up disputed shares from a court attachment order. The claimant tried unloading the block of shares in the past, thereby creating an overhang on prices.

SMPH and MPI stocks likewise declined, both losing over 3 percent. AC, Megaworld and AGI all fell by over 2 percent. URC, BDO, Jollibee and SMIC fell by over 1 percent.

PLDT and GTCAP also weighed down the index.

Outside of PSEi stocks, IS (-15.25 percent), Xurpas (-3.43 percent), SSI (-2.09 percent) and Nickel Asia (-1.2 percent) also declined.

On the other hand, EDC and ALI firmed up. Doris C. Dumlao