Index retreats below 8,000 level

MANILA, Philippines - The stock market slipped below the 8,000 level yesterday ahead of the gathering of world’s top central bankers in Jackson Hole, Wyoming later this week.

The benchmark Philippine Stock Exchange index (PSEi) shed 17.18 points, or 0.21 percent to finish at 7,998.75, while the broader All Shares gauge lost 0.72 points, or 0.01 percent to end at 4,736.44.

The sectoral indexes were a bit more resilient with the mining and oil, services, property and industrial counters closing in positive territory.

Only the holdings firms and financials index closed in the red.

Total value turnover was likewise thin but market breadth managed to end positively at 99-88 in favor of gainers.

Fifty-nine issues, meanwhile, were left unchanged.

Despite lackluster trading, Leisure and Resort World Corp., the gaming company founded by Negros Occidental Rep. Albee Benitez, bucked the trend and saw its shares rally yesterday.

LRWC shares rose 5.50 percent to P4.60 per share after The STAR reported that Macau’s world-famous Galaxy Casino is set to enter the Philippines and has chosen Benitez as its local partner.

Traders said market investors generally went on a wait-and-see stance ahead of the Jackson Hole Conference this week.

World’s top central bankers will gather in Wyoming this week at a Jackson Hole mountain retreat to discuss a stronger global economy but at the same time take note of inflation, which remains inexplicably low.