Philippine stocks slide for seventh straight day

PHILIPPINE STOCKS slid for a seventh straight session on Tuesday as selling persisted due to worries over corruption issues and the peso’s weakness against the dollar.

- A.G.C. Magno with Reuters

The benchmark Philippine Stock Exchange index (PSEi) sank by 0.73% or 44.14 points to close at 5,953.46, while the broader all shares index dropped 0.42% or 15.55 points to 3,620.79.

This was a fresh near six-month low for the PSEi as this was its worst close since it finished at 5,822.85 on April 7. The bellwether last posted losses for seven consecutive days in mid-December last year in the lead-up to a US Federal Reserve policy meeting where it was expected to adopt a hawkish tone due to concerns over growth prospects in the world’s largest economy.