The continuous government crackdown on so-called oligarchs — with Ayala’s Technohub project as the recent case for probe — fueled selling pressure on Monday, sending the local exchange down to the 7,500 level.
The benchmark Philippine Stock Exchange index (PSEi) plunged 2.20 percent or 169.98 points to close at 7,552.60 while the wider All Shares fell 1.69 percent or 76.92 points to end at 4,474.27.