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Byline: Neil Jerome C. Morales
STOCKS slumped further yesterday as the turmoil in North Africa and the Middle East pushed oil prices higher.
The Philippine Stock Exchange index (PSEi) sank by 0.71% or 27.03 points to close at 3,757.04, while the broader all shares index shed 1.11% or 32.64 points to end at 2,894.93.
"There were jitters about the impact of the crisis. It not only has a domestic impact but also a global impact. Investors played safe," said Astro C. del Castillo, managing director of brokerage firm First Grade Holdings, Inc., in a phone interview yesterday.
"It was really because of higher oil prices due to the problems in Libya," …