Philstar
Stocks tumble on lack of fresh leads
The Philippine Stock Exchange Index (PSEi) experienced a downturn, closing the trading week at its lowest point in five months due to investor caution.
This cautious sentiment stems from ongoing investigations into multibillion-peso flood control projects and concerns about potential demonstrations.
The PSEi declined by 0.29%, settling at 6,109.21, with only the holding firms and mining and oil sectors showing gains.
Economists attribute the market's sluggish performance to political noise surrounding the flood control projects, including allegations of anomalies and corruption.
Additionally, the local market has not significantly reacted to lower-than-expected US inflation figures, which had raised hopes for potential Federal Reserve rate cuts.
The absence of strong local economic drivers also contributed to the market's quiet week.
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