PSEi sinks closer to 6,000 on 5th red day

Investors scrambled to shed their stocks on Friday as negative sentiment over the flood control mess continued. The Philippine Stock Exchange Index (PSEi) inched closer to the 6,000 psychological support level and extended its losing streak.

By the end of the session, the benchmark PSEi had lost 0.25 percent or 15.16 points to close at 6,027.12. This marks its fifth consecutive trading day in the red territory.

Also, the broader All Shares Index shed 0.24 percent or 8.7 points to end at 3,644.8.

A total of 1.66 billion shares worth P5.5 billion changed hands, stock exchange data showed.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the decline was still due to developments in the Senate’s investigation of anomalous flood control projects. Several more high-ranking government officials have been identified to be allegedly involved.

The subsectors ended mixed, with property firms losing the most and mining companies posting the steepest gain.

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SM Investments Corp. was the top-traded stock as it lost 0.68 percent to P732 apiece. It was followed by International Container Terminal Services Inc., down one percent to P494; BDO Unibank Inc., up 0.8 percent to P138.60; Puregold Price Club Inc., down 0.24 percent to P41.90; and Ayala Land Inc., down 2.31 percent to P25.40 each.

Others were PLDT Inc., down 1.88 percent to P1,094; Globe Telecom Inc., down 2.8 percent to P1,492; Ayala Corp., up 0.65 percent to P495; RL Commercial REIT Inc., down 1.82 percent to P7.56; and DigiPlus Interactive Corp., up 2.22 percent to P25.35 per share.

Losers edged out gainers, 110 to 82, while 60 companies closed flat, stock exchange data also showed.