Stocks down on oil slump

AP file Photo/Aaron Favila

The local stock barometer slipped back to the 6,700 level yesterday as sluggish oil prices weighed down investor sentiment across regional markets.

The Philippine Stock Exchange index (PSEi) lost 50.08 points or 0.73 percent to close at 6,769.26. Oil jitters resonated anew after an official from Saudi Arabia stated that no production cutback would happen, which suggested that there was no relief in sight yet on the current oil supply overhang.

All counters ended lower but the most battered were the financial and property counters.

Value turnover for the day amounted to P5.14 billion. There were 71 advancers, which were edged out by 103 decliners, while 37 stocks were unchanged.

The PSEi was led lower by Petron, which fell by 3 percent on profit-taking, while BPI, JG Summit, Megaworld and EDC all slid by more than 2 percent.

URC, Metrobank, SM Prime, ALI, BDO and ICTSI all declined by over 1 percent. AC, Globe and MPI also slipped.

Outside of PSEi stocks, one notable decliner was Puregold, which fell by 1.75 percent.

On the other hand, SMIC bucked the day’s downturn, gaining 1.33 percent. PLDT and GTCAP also modestly gained.