Philstar
Stocks tumble on lack of fresh leads
The Philippine Stock Exchange Index (PSEi) closed the week lower due to investor caution amid scrutiny of flood control projects and a lack of local market drivers.
The PSEi declined by 0.29 percent, settling at 6,109.21, marking one of its lowest closes in the past five months.
Investor sentiment was influenced by potential demonstrations and political noise surrounding allegations of corruption in multibillion-peso flood control projects.
Despite lower-than-expected US inflation data, which could signal near-term Federal Reserve rate cuts, the Philippine market showed minimal reaction.
Only the holding firms and mining and oil sectors experienced gains, while services and property sectors saw the most significant losses.
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