PSEi extends slump

By Leslie D. Venzon

MANILA, July 7 (PNA) — Share prices at the Philippine Stock Exchange (PSE) extended their losing streak on Tuesday, as investors awaited further developments days after Greeks rejected a bailout offer of European creditors.

The benchmark PSE index lost 12.50 points to 7,442.65 from previous day’s 7,455.15 close.

”Most investors opted to stay in the sidelines to see how Greece’s predicament would affect the rest of Europe before making any commitments,” said local brokerage firm RCBC Securities Inc.

But Astro del Castillo, managing director at First Grade Finance Inc., was confident the local bourse would bounce back, propelled by market-moving news especially those on the economy.

Counters were mixed, with the market’s slump led by mining and oil that lost 1.30 percent.

The sub-indices of services and property advanced slightly.

Volume of transactions reached 10.13 billion shares valued at Php6.55 billion.

Decliners swamped advancers, 102 to 71, while 40 issues were unchanged. (PNA)