PH shares fall to 6-month low

The depreciating peso and developments in the Senate’s investigation into anomalous flood control projects caused the local bourse to slip to a near six-month low on Thursday.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had tumbled by 1.09 percent or 66.44 points to end at 6,042.28.

This is its lowest closing value since April 8.

Likewise, the broader All Shares Index shed 0.78 percent or 28.79 points to close at 3,653.5.

A total of 2.61 billion shares worth P6.97 billion changed hands, stock exchange data showed.

The bourse’s decline coincided with the peso touching 58 against the US dollar, a level it last reached on Aug. 1.

This dampened investor sentiment, along with the Senate’s probe into flood control projects, said Japhet Tantiangco, research head at Philstocks Financial Inc.

Thursday’s hearing revealed more politicians allegedly involved in the billion-peso controversy, including Sen. Francis “Chiz” Escudero and former Senators Ramon “Bong” Revilla Jr. and Nancy Binay.

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As a result, all of the local bourse’s subsectors were painted red. Mining companies taking the hardest blow

BDO Unibank Inc. was the most actively traded stock as it lost 1.79 percent to close at P137.50 per share.

It was followed by SM Investments Corp., down 1.6 percent to P737; Century Pacific Food Inc., down 8.13 percent to P35.60; International Container Terminal Services Inc., down 0.2 percent to P499; and Ayala Corp., down 2.03 percent to P491.80 each.

Losers overpowered gainers, 134 to 64, while 50 companies closed flat, stock exchange data also showed.