PSEi slumps below 6,600 on escalating Middle East tensions

PSEi

MANILA, Philippines — Mounting geopolitical tensions abroad caused Philippine shares to fall for the eighth consecutive session on Monday, with the benchmark index dropping below the 6,600 level for the first time since January as investors remained anxious.

By the end of the session, the Philippine Stock Exchange Index (PSEi) slipped by 1.46 percent, or 96.96 points, to 6,562.43. Likewise, the broader All Shares Index declined by 1.12 percent, or 39.29 points, to 3,478.11.

The PSEi was last below 6,600 on Jan. 22.

A total of 612.63 million shares valued at P5.58 billion changed hands, stock exchange data showed.

READ: Asian stocks track Wall Street’s slide as Middle East tensions escalate

“Most Asian markets also fell as investors assessed the impact of Iran’s massive drone and missile attacks on Israel over the weekend. Moreover, investors are waiting for how Israel would respond to this,” said Claire Alviar, research analyst at Philstocks Financial Inc.

Upcoming US data

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said sentiment may also depend on upcoming US economic data, including retail sales.

Nearly all subsectors fell as Sy family-led heavyweights BDO Unibank Inc., SM Investments Corp. and SM Prime Holdings Inc. went down.

Ayala Land Inc. was the top-traded stock as it went up by 0.36 percent to P27.95 per share.

It was followed by BDO, down 1.87 percent to P147.30 each; International Container Terminal Services Inc., down 1.21 percent to P326; SM Investments, down 2.35 percent to P957; and SM Prime, down 1.33 percent to P29.60.

DigiPlus Interactive Corp. was up by 0.52 percent to P11.50 each; PLDT Inc., up 0.22 percent to P1,353; Metropolitan Bank and Trust Co., down 2.79 percent to P68; Ayala Corp., unchanged at P601; and Bank of the Philippine Islands, down 1.27 percent to P117 per share.Losers edged out advancers, 136 to 63, while 44 companies closed unchanged. INQ