PSEi falls below 8,000 mark

The local stock barometer Thursday slipped below the 8,000 mark as sluggish commodity 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,” 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, boosted by a $172-million GT Capital private placement.

There were 61 advancers and 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 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. Doris Dumlao-Abadilla