PSEi dips below 6,000
MANILA, Philippines — Frustration over the worsening flood control mess, and the involvement of more high-ranking government officials, caused the Philippine Stock Exchange Index (PSEi) to stumble below 6,000 on Monday.
The benchmark PSEi slipped to a six-month low of 5,997.6, down by 0.49 percent. The index extended its losing streak to the sixth consecutive session.
Likewise, the broader All Shares Index lost 0.23 percent or 8.46 points to close at 3,636.34.
READ: The PH flood control scandal and the path to social transformation
A total of 1.37 billion shares worth P4.72 billion changed hands, stock exchange data showed.
Investor confidence further dampened as they priced in the impact of corruption in anomalous flood control projects, said Japhet Tantiangco, research head at Philstocks Financial Inc.
Tantiangco pointed out that traders were considering the country’s economic growth prospects, “including inefficient public spending.”
Foreigners were net sellers, with outflows totaling P405.93 million.
The services subsector saw the steepest loss as index heavyweight International Container Terminal Services Inc. lost 2.63 percent to close at P481 each.
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BDO Unibank Inc. was the most actively traded stock as it shed 2.6 percent to P135 each. Others were RL Commercial REIT Inc., down 0.13 percent to P7.55; Bloomberry Resorts Corp., up 2.93 percent to P4.22; Philex Mining Corp., up 5.64 percent to P8.24; and Apex Mining Co. Inc., up 9.7 percent to P10.52 each.
Losers outnumbered gainers, 106 to 100, while 58 companies closed flood, stock exchange data also showed. /rwd
