Jollibee Selldown Pulls Stock Index Lower

The benchmark Philippine Stock Exchange index retreated back to the 8,100 level yesterday after market investors dropped their Jollibee Food Corp. (PSE: JFC) shares after the Asian food giant announced that it had acquired California-based The Coffee Bean  & Tea Leaf.

The PSEi tumbled by 89.97 points, or 1.09 percent, to close at 8,161.49 while the broader All Shares index slumped to 4,956.24, down 34.71 points or 0.70 percent.

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