Stocks down on steep oil price drop

SHARE prices on the Philippine Stock Exchange drifted down on Tuesday, pulling the benchmark market index, PSEi, down by 46.03 points (0.58 percent) to close at 7,935.18 and the broader All Shares index down 24.07 points (0.51 percent) to 4,698.94.

Market watchers had predicted earlieer that Monday’s modest upturn will not continue and the market will slide in the absence of significant corporate news. That gloomy outlook has been further darkened by the sharp fall in global crude oil prices and the general downturn of stock markets overseas.