PSEi declines to 6,800 level

MANILA, Dec. 8 (PNA) — Local share prices extended its losing streak to a fifth day on Tuesday, tracking a slump in the United States (US) markets amid concerns about oil prices.

The stock barometer declined 73.44 points or 1.06 percent to 6,838.42 from previous day’s 6,911.86 close.

Online brokerage 2TradeAsia.com attributed the local market slump to the negative sentiment from the United States.

The Dow Jones Industrial Average (DJIA) was down 117 points, while the Nasdaq Composite fell 40 points.

“However, note that the driver for US pessimism was a free-for-all in OPEC’s (Organization of the Petroleum Exporting Countries) oil production, a boon for the Philippines which is a heavy consumer of the commodity,” said 2TradeAsia.com.

It expects market bearishness to be “short-lived”.

For its part, RCBC Securities Inc. said investors remained wary of the market considering the US Fed policy meeting next week.

All counters ended in the red, with holding firms and property sector the most battered.

Volume of transaction reached 1.23 billion shares valued at PhP4.70 billion.

Decliners swamped advancers, 116 to 55, while 44 issues unchanged. (PNA)