PSEi plunges to fresh 5-year low

The Philippine Stock Exchange index (PSEi) plummeted to a new five-year low as the allegations made by former lawmaker Zaldy Co against President Marcos rocked investor confidence.

- RICHMOND MERCURIO

The benchmark PSEi snapped its two-day climb, plunging by 2.49 percent or 142.64 points to cap off the session at 5,584.35.

This marked the PSEi’s worst finish since closing at 5,570.22 on May 28, 2020 at the height of the COVID-19 pandemic.

The broader All Shares index also fell by 4.13 percent or 140.42 points to end at 3,260.26.

“Just when we thought the index was going to stabilize above 5,700, the market sold off after Zaldy Co’s allegations reignited governance risks,” China Bank Capital Corp. managing director Juan Paolo Colet said.

Following yesterday’s performance, Colet said that immediate support is now at 5,500.

“Whether that holds will depend on how the latest twist in the corruption saga unfolds,” he said.

Philstocks Financial research manager Japhet Tantiangco said the local market started yesterday’s session with gains, but dropped in the latter part of the day as frustration toward corruption took over sentiment.