PSEi starts week in the doldrums

Corruption issues linked to government offices and politicians continued to weigh down local stocks, with the Philippine Stock Exchange Index (PSEi) starting the week in negative territory.

The PSEi extended its decline on Monday, falling by 0.91 percent, or 54.26 points, to close at 5,933.76.

The broader All Shares Index also dropped by 0.73 percent, or 26.38 points, to 3,581.73.

All sectors were in the red, with the mining and oil recording the biggest loss, followed by services.

“Bearish sentiment continues to dominate the local market mainly due to the Philippines’ corruption issues and its impact on the country’s economic outlook,” said Japhet Tantiangco, head of research at Philstocks Financial Inc.

Currency woes

He added that the continued drop of the local currency versus the US dollar was also an influencing factor.

Based on data from the Bankers Association of the Philippines, the peso sank to P58.9 on Monday, its lowest since December 19, 2024.

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The market closed with 55 gainers, 131 decliners while 59 were unchanged.

Puregold Price Club, Inc. was the top index gainer, increasing 2.70 percent to P38.

Century Pacific Food Inc., meanwhile, was the index laggard, decreasing 4.16 percent to P34.55.