PSEi slips below 8,000

THE LOCAL stock barometer slipped below the 8,000 mark on Thursday as sluggish commodity prices weighed down regional markets.

The Philippine Stock Exchange index shed 70.05 points or 0.87 percent to close at 7,981.35.

All counters ended in the red, led by the mining/oil counter which slumped by 3.28 percent. The services counter also slid by 1.23 percent.

“Philippines markets dropped following US markets easing broadly lower as crude oil slid by 3 percent following inventory data that showed domestic supplies of crude oil and petroleum products rose to a record high last week and after Saudi Arabia reported record monthly oil output,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

“Weakness in the overnight markets also prompted regional investors to take profit, especially on Chinese banks following a strong inflow. Locally investors digested more corporate earnings being released especially blue chips from the PSEi,” he said.

Value turnover for the day was heavy at P17.6 billion, bloated by a $172-million GT Capital private placement.

There were 61 advancers which were overwhelmed by 137 decliners while 39 stocks were unchanged.

GT Capital – the day’s most actively traded stock – fell by 4.07 percent following a share-sale by the Ty family.

Megaworld also slumped by 5.48 percent while MPI and EDC both declined by 3.34 percent. BDO also fell by 1 percent.

ALI, SM Prime, URC and BPI also contributed to the day’s decline.

Outside the PSEi, investors sold down shares of Puregold, which fell by 5.64 percent after releasing its second quarter results.