FX.co ★ PH Stocks Extend Sell-Off Amid Corruption Woes

The Philippine Stock Exchange Index decreased by 0.7%, ending at 5,953 on Tuesday. This marks the seventh consecutive session of decline—the longest since December 2024—and its lowest close since April 7. The local bourse lagged behind most of its Asian counterparts, as ongoing allegations of corruption against government officials continue to dampen investor sentiment and spurred foreign capital outflows. Additionally, the peso’s weakness against the US dollar exacerbated the pressure on the stock market. Meanwhile, concerns over a potential US government shutdown remain a lingering worry for traders, who are considering the possibility of a delay in the release of critical employment data, which may complicate the Federal Reserve’s policy decisions next month. From a corporate perspective, several prominent stocks negatively impacted the index, including Ayala Land, which fell by 3.6%, SM Prime Holdings by 1.3%, BDO Unibank by 1.6%, MBTC by 1.6%, and JG Summit Holdings by 2.5%. In September, the index declined by 3.3%, marking its third consecutive monthly loss and bringing the quarterly decrease to 6.5%.