Politics, peso keep PSEi red for 7th session

The local bourse extended its losing streak to the seventh consecutive session on Tuesday. Domestic politics and the weak currency continued to weigh on market sentiment, leading to more investors taking cover amid the uncertainty.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had lost 0.74 percent or 44.14 points to end at 5,953.46.

Likewise, the broader All Shares Index shed 0.43 percent or 15.55 points to close at 3,620.79.

A total of 1.57 billion shares worth P9.09 billion changed hands, stock exchange data showed.

The index remained in the red territory as investors remained cautious about domestic uncertainties, said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

On Monday, the Senate blue ribbon committee confirmed that resigned Ako Bicol Rep. Elizaldy Co and former House Speaker Martin Romualdez would be invited to the next hearing on the billion-peso flood control scandal.

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This is the latest development in the corruption behind the projects. Twenty-one politicians and officials of the Department of Public Works and Highways are possibly facing charges.

At the same time, Limlingan said traders were closely watching the weakening peso.

International Container Terminal Services Inc. was the most actively traded stock as it lost 1.95 percent to P471.60 each. It was followed by BDO Unibank Inc., down 1.56 percent to P132.90; Ayala Land Inc., down 3.56 percent to P24.35; RL Commercial REIT Inc., down 3.84 percent to P7.26; and SM Investments Corp., down 0.68 percent to P735 per share.