PSEi slips below 6,800

THE LOCAL stock barometer slipped below 6,800 on Friday as a pullback in oil prices gnawed on regional markets.

The Philippine Stock Exchange index 56.81 points or 0.83 percent to close at 6,792.06, declining after a four-day run-up.

Across the region, stock markets tumbled, tracking a renewed slump in oil prices.

The index was dragged down by the services and property counters which both lost over 1 percent while the financial, holding firm and mining/oil counters also slipped.

Only the industrial counter managed to gain, albeit only modestly.

Total value turnover for the day amounted to P6.52 billion. There were 103 decliners which overwhelmed 68 advancers while 45 stocks were unchanged.

The PSEi was led lower by ALI and SMIC which tumbled by over 2 percent while Jollibee, PLDT and SM Prime all lost over 1 percent.

URC, BDO, Metrobank, GTCAP, AC, AGI and BPI also slipped.

Outside of PSEi, Melco Philippines slid by 10.6 percent as investors sold on news about the fourth quarter earnings of City of Dreams Manila.

DNL also fell by over 1.16 percent.

On the other hand, Lopez-led FGEN rose by 3.94 percent while LPZ also surged by 5.09 percent.

Petron gained 2.79 percent on upbeat earnings prospects for 2016 while ICTSI and MPI slipped.