PSEi falls below 7,300 mark

The local bourse continued to fall below the 7,300 level on Thursday's trading, lacking any positive catalyst. The Philippine Stock Exchange index (PSEi) dropped 1.14 percent to 7,283.79, while All Shares shed 1.07 percent to 4,007.39 points. All sectoral indices closed in the negative territory, with biggest losses coming from the Financials counter, down by 1.77 percent; followed by Industrial, 1.71 percent; Mining and Oil, 1.25 percent; Property, 1.01 percent; Holding Firms, 0.67 percent; and Services, 0.58 percent. 'Negative spillovers from Wall Street amid the rise in the US' long term treasury yields also weighed on the local bourse,' Philstock Financials research manager Japhet Tantiangco said. 'The exit of foreign funds also contributed to the fall with net outflows amounting to PHP206.43 million,' he said. Tantiangco said trading was also anemic as net value turnover amounted to PHP3.61 billion, below the year-to-date average of PHP5.18 billion. Decliners outpaced gainers at 139 to 53, with 53 indices unchanged. Meanwhile, the peso-dollar trading was still suspended on Thursday. Source: Philippines News agency