Main stock price barometer weakens below 7,500 level as crude prices plummet

The local stock barometer slipped below the 7,500 mark Wednesday as a slump in oil prices spooked regional markets.

Extending its losses for the fifth trading session, the Philippine Stock Exchange index (PSEi) lost 85.81 points or 1.13 percent to close at 7,494.41.

Regional markets likewise traded in the doldrums as WTI crude slipped to a three week-low below the $50 mark after Russia refused to join the production cuts agreed upon by members of the Organization of Petroleum Exporting Countries (Opec).

At the local market, all counters tumbled, led by the financial, holding firm, services and property counters, which all lost more than 1 percent.

Value turnover for the day amounted to P6.25 billion. There were 56 advancers, which were overwhelmed by 137 decliner, while 38 stocks were unchanged.

Among the most battered PSEi stocks were Security Bank and Alliance Global Group Inc., which both fell by more than 3 percent, while BDO Unibank, GT Capital, DMCI, First Gen Corp., Globe Telecom and ICTSI all declined by over 1 percent.

Ayala Land Inc., SM Prime, JG Summit, Aboitiz Equity Ventures, Metro Pacific Investments Corp. and Megaworld all fell by more than 1 percent while PLDT, SM Investments Corp. and BPI also slipped.

Among the few that bucked the day’s downturn was Universal Robina Corp., which gained 1.15 percent. Metrobank and Ayala Corp. also firmed up.