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The Philippine Stock Exchange Index (PSEI) fell on Tuesday, Sept. 23, as a deepening corruption scandal involving the legislative and executive branches of government weighed on investor sentiment.
The main index plunged by 96.29 points, or 1.55 percent, to close at 6,118.54. Banks suffered the biggest losses, while the mining sector bucked the trend with a strong jump as gold prices rose.
Volume surged to 2.72 billion shares, valued at ₱22.69 billion, boosted by ₱16.6 billion in block sales. Losers outnumbered gainers 129 to 78, with 56 issues unchanged.
“Prices declined further as investors grew more cautious about the ongoing issues facing the country, which continue to weigh on overall market confidence,” said Luis Limlingan, Managing Director at Regina Capital Development Corp.
He added, “Moreover, despite the optimistic outlook for additional BSP rate cuts and a stable inflation rate, the market still moved lower, reflecting the prevailing bearish sentiment among participants.”
Philstocks Financial Research Manager Japhet Tantiangco said the local market “plunged as investors expressed dismay over the corruption issues in the Philippines' flood control projects.”
He noted this followed recent developments in a Senate hearing where “further elaborations were made including the alleged involvement of certain congress officials.”
Tantiangco also said the weakening of the Philippine Peso against the US Dollar “also weighed on the market.”
