Flood control woes drag down PSEi

Concerns over the escalating flood control issues, specifically the new developments at Monday’s Senate hearing, pushed down the local bourse close to the 6,100 barrier on the first trading day of the week.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had lost 0.77 percent or 47.27 points to close at 6,101.86.

Likewise, the broader All Shares Index shed 0.27 percent or 9.93 points to end at 3,682.78.

A total of 2.7 billion shares worth P5.7 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said “concerns over flood control issues” weighed on market sentiment, resulting in the decline.

The Senate blue ribbon committee on Monday resumed the hearing on anomalous flood control projects.

Pacifico Discaya II named 18 congressmen and officials of the Department of Public Works and Highways who had allegedly solicited money from him in exchange for winning government project bids.

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Bank of the Philippine Islands was the most actively traded stock as it lost 4.12 percent to P107 each. It was followed by SM Investments Corp., down 1.64 percent to P751; International Container Terminal Services Inc., down 1.11 percent to P482.40; Metropolitan Bank and Trust Co., down 2.16 percent to P68; and BDO Unibank Inc., up 0.82 percent to P134.50 per share.

Others were Ayala Land Inc., down 2.42 percent to P28.20; Semirara Mining and Power Corp., up 5.29 percent to P34.85; Synergy Grid and Development Phils Inc., up 4.31 percent to P16.96; DigiPlus Interactive Corp., down 7.78 percent to P19.92; and Ayala Corp., down 1.55 percent to P540.50 each.

Losers overtook gainers, 107 to 87, while 52 companies closed flat, stock exchange data also showed.