PSEi slumps to 7,800

The local stock barometer slid to the 7,800 mark Wednesday, tracking sluggish regional markets as investors downplayed UK stimulus hopes while ushering in the so-called “ghost month.”

The main-share Philippine Stock Exchange index (PSEi) lost 149.34 points or 1.86 percent to close at 7,888.44. Apart from the regional downturn, the PSEi was dragged down by further selling on PLDT and a discounted treasury sale by AEV.

AEV fell by 6.08 percent after selling treasury shares at a discount to market while PLDT, the day’s most actively traded stock, fell by 4.94 percent as investors braced for lower dividends following the sharp decline in second-quarter earnings. Doris Dumlao-Abadilla