PSEI falls anew as Middle East tensions build up

MANILA, Philippines — Israel’s counterattack on Iran dismayed investors on Friday, causing Philippine shares to again fall below the 6,500 level as traders sought to avoid uncertainties before the weekend.

The benchmark Philippine Stock Exchange Index (PSEi) ended its two-session winning streak and dipped by 1.23 percent, or 80.19 points, to 6,443. The broader All Shares Index also went down by 1.01 percent, or 34.77 points, to 3,421.55.

A total of 703.78 million shares valued at P5.44 billion changed hands, stock exchange data showed.

“Philippine sentiment turned sour as the shares lost the early morning gains to close below the 6,500 level as geopolitical tensions escalated between Israel and Iran,” said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

READ: Japan’s Nikkei leads Asian market retreat as Middle East tensions flare

International news agencies reported that Israel had launched airstrikes on Iran early on Friday in retaliation to the latter’s airstrikes the weekend before that.

Top-traded stocks

Property firms lost the most, declining by 2.55 percent, as SM Prime Holdings Inc. and Ayala Land Inc. went down.

SM Prime was the top-traded stock as it slipped by 2.67 percent to P27.30 each.

It was followed by Ayala Land, down 3.4 percent to P27 per share; Metropolitan Bank and Trust Co., up 0.15 percent to P67.10; BDO Unibank Inc., down 1.76 percent to P145.50; and SM Investments Corp., up 0.9 percent to P948.50.

DigiPlus Interactive Corp. went down by 3.42 percent to P9.60; International Container Terminal Services Inc., down 0.79 percent to P328.40; Bank of the Philippine Islands was unchanged at P124; GT Capital Holdings Inc., down 4.04 percent to P570; and Jollibee Foods Corp., down 2.13 percent to P220.20.

Overall losers edged out advancers, 134 to 58, while 43 companies closed unchanged, stock exchange data also showed. —MEG J. ADONIS