PSEi slumps on flood control corruption woes

The Philippine Stock Exchange index (PSEi) tumbled 1.55 percent on Tuesday, closing at 6,118.54, as investors reacted negatively to fresh developments in the Senate probe on alleged corruption in flood control projects, including purported links to certain congress officials.

The peso’s continued weakness against the US dollar also dragged market sentiment. It closed at P57.30 versus the greenback, weaker than Monday’s P57.06.

Total value turnover reached P6.09 billion. Foreign investors, however, provided support as they posted net inflows of P7.05 billion.

Sectoral performance was broadly negative, with only mining and oil posting gains at 3.68 percent. Financials led the laggards with a 2.43-percent drop. Market breadth was negative, with 129 losers against 78 gainers.