PSEi down on global jitters

THE LOCAL stock barometer slid below 7,000 yesterday as a slump in global commodity prices battered regional markets.

The Philippine Stock Exchange index (PSEi) lost 124.32 points or 1.76 percent to close at 6,926.91, slipping for the third straight session. Elsewhere in the region, stock markets were mostly lower, tracking the overnight decline in Wall Street alongside a downturn in commodity prices.

All counters ended in the red, led by the services counter, which faltered by 2.65 percent. Value turnover for the day amounted to P7.62 billion. There were more than twice as many decliners (119) as advancers (54).

One big decliner among PSEi stocks was ICTSI, which slumped by 7.06 percent, seen reflective of concerns on the global economy given the port terminal operator’s exposure to emerging markets. ICTSI is one of the few Filipino companies with a global footprint.

SM Prime and Metrobank were both down by more than 4 percent while Globe Telecom, GTCAP, AC and EDC all declined by more than 2 percent. Doris Dumlao-Abadilla