Philippine Daily Inquirer
1:47 pm | Wednesday, September 4th, 2013
PSE index as of September 4, 2013, 1:43 PM. Screengrab from http://www.pse.com.ph/
MANILA—The local stock index slid below the 6,000-mark anew on Wednesday as the possibility of a US military strike against Syria spooked regional markets.
The main-share Philippine Stock Exchange index lost 114.29 points or 1.88 percent and fell to 5,969.62 at the end of morning trade.
Regional markets were pricing in the possibility of a war erupting in the Middle East.
Oil refiner Petron (-3.88 percent) was the biggest decliner in morning trade as the Middle East tension risks more volatility in global oil prices. SMC, AEV, Bloomberry, SM Prime, and EDC also fell by over 3 percent. SMIC, JG Summit, AGI and Globe Telecom fell by over 2 percent.
“Ghost month ends today with most Asian markets in negative territory as threat of limited strike on Syria seemed imminent,” stock brokerage Regional Capital said in its Twitter account.
Stock markets across the region were likewise mostly down, with the Philippine and Indonesian stock exchanges (-1.73 percent) among the most battered as of morning trade.
The major support level for the PSEi is widely seen at 5,500-level based on historic valuation albeit pre-investment grade rating for the Philippine sovereign.
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