Philippine Stock Exchange : PSEi slips on failed Doha oil deal

MANILA, Philippines - Philippine stocks tumbled yesterday, mirroring the regional downturn as major oil producing countries failed to agree on a plan to curb global supply, analysts said. The Philippine Stock Exchange index (PSEi) retreated 77.90 points to close at 7,243.40, while the broader All Shares index lost 42.48 points to settle at4,272.19.All counters ended in negative territory, led by the financial, industrial, services and property counters. Some 18 oil-exporting nations, including OPEC members, had gathered in Doha, the capital of Qatar, over the weekend in an attempt to agree to stabilize output at January levels until October 2016.The pact fell apart after Saudi Arabia demanded that Iran join in. Oil prices were down four percent, with US crude falling back below $40 for the first time in a week."The short-term impact on prices is clear to see this morning, while longer term it's hard to see supply slowing much this year," said Joe Rundle, head of trading at ETX Capital in London. element-invisibleBusiness ( Article MRec ), pagematch: 1, sectionmatch: 1 Across Asia, Japan'sNikkei index led the way, tumbling more than 500 points to settle at 16,275.95 followed by Hong Kong's Hang Seng, down 154.97 points at 21,161.50. At the local market, the 52 advancers were outnumbered by 126 decliners, while 49 stocks were unchanged.Total value turnover reached P5.31 billion, down from Friday's P6.18 billion.© Pakistan Press International, source Asianet-Pakistan

Related posts