Flood control, corruption woes drag PSEi to 6,100
Mounting concerns over anomalous flood control projects and corruption allegations against high-ranking government officials dragged the bourse near the 6,100 barrier on Tuesday.
The benchmark Philippine Stock Exchange Index (PSEi) tumbled to 6,118.54 by the closing bell, losing 1.55 percent, or 96.29 points.
Likewise, the broader All Shares Index lost 0.96 percent, or 35.62 points, to close at 3,693.67.
A total of 2.72 billion shares worth P22.7 billion changed hands, stock exchange data showed.
This included Robinsons Land Corp.’s block sale of P7.75 billion worth of its shares in RL Commercial REIT Inc. (RCR).
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors grew cautious of “ongoing issues facing the country, which continue to weigh on overall market confidence.”
The Senate blue ribbon committee’s probe on anomalous flood control projects continued on Tuesday.
Henry Alcantara, a former official of the Department of Public Works and Highways, implicated Senators Joel Villanueva and Jinggoy Estrada, former Sen. Bong Revilla and Ako Bicol Rep. Zaldy Co in the flood control mess, saying they had received kickbacks from the projects.
Banks were again the biggest losers, with the sector posting a 2.43-percent decline. Index heavyweight and top-traded stock BDO Unibank Inc. tumbled by 3.31 percent to P140 each, while Bank of the Philippine Islands dipped by 1.77 percent to P111, and Metropolitan Bank and Trust Co. by 2.86 percent to P68 per share.
