PSEi slides to 6,800 mark

The local stock barometer tumbled sharply on Monday, sliding to the 6,800 level, as investors dumped large-cap stocks ahead of the US Federal Reserve meeting.

The main-share Philippine Stock Exchange index ahed 174.27 points or 2.47 percent to close at 6,868.89.

Elsewhere in the region, trading was sluggish ahead of the Dec.13-14 US Fed meeting, which is widely expected to result in an increase in US interest rates.

China’s stock market also tumbled sharply over concerns on the property market and new limits on insurance firms’ stock exposure.

At the local market, the day’s decline was led by the property, financial and services counters which all fell by over 2 percent. The industrial and holding firm counters fell by 1 percent.

Only the mining/oil counter firmed up albeit at a modest volume. Oil prices surged as oil producers agreed to cut production.

Value turnover for the day amounted to P6.27 billion. There were 108 decliners that edged out 82 advancers while 40 stocks were unchanged.

Investors dumped shares of ALI and URC, which both fell by over 5 percent while PLDT, BPI and JG Summit all fell by over 4 percent.

AC and MPI both slipped by over 3 percent while BDO, Megaworld, Globe, Jollibee and Metrobank all declined by over 2 percent.

GT Capital went down by over 1 percent while SM Prime, SMIC and Semirara also contributed to the day’s decline.