PSEi drops below 7,400 as investors wary of growing Middle East strife

Rising tensions in the Middle East pull the Philippine Stock Exchange Index (PSEi) below 7,400 on Thursday, October 3, 2024, as anxious investors awaited Israel’s next move. The local bourse dropped 0.19 percent, or 13.89 points, to 7,388.92 before the closing bell on October 3, 2024.

Rising tensions in the Middle East pulled the local bourse below 7,400 on Thursday as anxious investors awaited Israel’s next move.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) shed 0.19 percent, or 13.89 points, to 7,388.92.

Meanwhile, the broader All Shares Index added 0.3 percent, or 11.80 points, to close at 3,982.66.

A total of 1.01 billion shares worth P7.38 billion changed hands as foreigners made net purchases worth P287.50 million, stock exchange data showed.

READ: Manufacturing buzz perks up PSEi

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the index had ended lower following Iran’s missile attack on Israel, with investors “bracing for more uncertainty.”

To recall, the PSEi suffered its longest losing streak this year—nine consecutive sessions—in April due to the war in the Middle East.

Sy family-led BDO Unibank Inc. was the most actively traded stock as it shed 2.43 percent to P156.90.

READ: Benchmark PSEi tumbles by 2.1% as shares retreat after bullish breakout

It was followed by Bank of the Philippine Islands, up 1.02 percent to P139.20; Ayala Corp., up 1.68 percent to P696.50; International Container Terminal Services Inc., down 1.01 percent to P412; and Metropolitan Bank and Trust Co., up 1.25 percent to P81 each.

Ayala Land Inc. was up 0.27 percent to P37.60; JG Summit Holdings, down 2.68 percent to P27.20; SM Investments Corp., down 0.41 percent to P983; PLDT Inc., up 1.18 percent to P1,540; and DigiPlus Interactive Corp., up 4.96 percent to P20.95 per share.

Gainers overpowered losers, 124 to 83, while 49 companies closed unchanged.