Main stock index falters to 7,600 on regional jitters
The local stock barometer fell to the 7,600 mark Wednesday on local telco worries alongside regional jitters over the possible tapering of European monetary stimulus.
The Philippine Stock Exchange (PSE) index lost 79.45 points or 1 percent to close at 7,639.79.
All counters ended in negative territory but the most battered was the services sub-index, which fell by 2.63 percent. PLDT lost 4.59 percent while Globe tumbled by 3.68 percent as they face massive fines from the Philippine Competition Commission in relation with the deal to buy out San Miguel group’s telecom assets.
The holding firm and mining/oil counters slipped by more than 1 percent.
Total value turnover amounted to P6.4 billion. There were 127 decliners, which overwhelmed 58 decliners, while 43 stocks were unchanged.
