Corruption woes spoil investors’ appetite
Anxiety over corruption allegations and ongoing investigation into questionable flood control projects continued to plague the local stock barometer on Wednesday as it slipped closer to 6,100.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) lost 9.82 points, or 0.16 percent, to end at 6,108.72.
Likewise, the broader All Shares Index shed 11.38 points, or 0.31 percent, to close at 3,682.29.
A total of 5.38 billion shares worth P5.26 billion changed hands, stock exchange data showed.
Japhet Tantiangco, research head at Philstocks Financial Inc., said investors were dismayed by corruption issues, which “continued to dampen investors’ sentiment.”
At the same time, negative cues from Wall Street and the weak local currency weighed on the PSEi.
All subsectors bled, with property and industrial firms seeing the steepest declines.
BDO Unibank Inc. was the most actively traded stock as it closed unchanged at P140 per share.
It was followed by International Container Terminal Services Inc., up 0.2 percent to P500. The port terminal operator, which has operations across the globe, is now valued at P1 trillion by the stock market.
RL Commercial REIT Inc. went down 0.9 percent to P7.73; followed by GT Capital Holdings Inc., down 6.9 percent to P600.50; and Century Pacific Food Inc., also flat at P38.75 each.
Losers edged out gainers, 103 to 88, while 63 companies closed flat, stock exchange data also showed.
