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.