PSEi falls below 6,000

Philippine Daily Inquirer

11:41 pm | Tuesday, February 4th, 2014

The local stock barometer slumped below the 6,000 mark Tuesday, tracking a global downturn triggered by a disappointing US factory data.

The main-share Philippine Stock Exchange index (PSEi) lost 129.29 points or 2.15 percent to close at 5,886.01, declining for the third straight session.

“It’s another heartbreaking day in February. Weakness in US manufacturing data and worries about the pending debt limit due this Friday triggered the selloff. Investors were turned off as a result,” said fund manager Astro del Castillo, managing director at First Grade Finance.

All counters were in the red, but the most battered was the property sub-index (-3.44 percent). Holding firms and mining/oil counters were down more than 2 percent while the rest of the sub-indices declined by at least 1 percent.

Value turnover amounted to P6.75 billion. There were 133 decliners which overwhelmed 29 advancers.

A report indicating that US manufacturing activity slowed sharply in January battered US stocks overnight, thus weighing down regional markets. Doris C. Dumlao

Follow Us

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Short URL: http://ift.tt/1bqKFPy

Tags: Business , stocks

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

seo tools