Election, global worries drive PSEi to 7-wk low

PHILIPPINE stocks began the week sharply lower, sinking nearly 2 percent at one point Monday afternoon, following regional markets unsettled by unexpected news on Japan’s economic stimulus program at the end of last week, and heavily weighed by uncertainty over the outcome of next week’s national elections here.

The benchmark Philippine Stock Exchange Index (PSEi) fell to as low as 6,980 points after opening at 7,106.35, but recovered slightly to close at 7,053.88, down 105.41 points or 1.47 percent. The broader All Shares index shed 52.20 points or 1.23 percent to close at 4,193.69.