Stocks retreat as investors stay on sidelines

MANILA, Philippines - Share prices fell anew yesterday as investors opted to stay on the sidelines, analysts said.

Tracking regional markets, the benchmark Philippine Stock Exchange index fell below the 6,800 level, plunging 110.33 points to settle at 6,776.41.

Likewise, the broader All Shares index finished lower by 47.84 points or 1.14 percent to end at 4,118.65.

Tracking the two major indexes, the sectoral counters likewise closed in negative territory.

Among the different counters, the holding firms and the property sectors recorded the biggest decline of 2.27 percent and 1.85 percent, respectively.

The mining and oil index managed a 33.40-point increase to finish at 12,127.96.

The post-OPEC meeting relief rally turned out to be short-lived as investors continue to raise concerns on the upcoming meeting of the US Federal Reserve.

Last week, the Organization of Petroleum Exporting Countries (OPEC) agreed to cut output.

Oil prices fell by one percent on Monday as a higher US rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer club OPEC and Russia, might not be as big as initially anticipated.

International Brent crude futures were trading at $53.95 per barrel at 0751 GMT, down 51 cents, or almost one percent, from their last close.