PSEi tumbles nearly 5%, tracks global markets
MANILA, Philippines – Philippine stocks plunged on Monday as investors dumped equities amid a surge in global oil prices and escalating tensions in the Middle East.
The benchmark Philippine Stock Exchange Index (PSEi) fell 4.97 percent or 314.19 points to close at 6,006.22.
READ: Asian equities plunge as oil soars 30% on Mideast crisis
The sell-off came as global oil prices spiked following heightened tensions between the United States and Iran. The surge in crude prices has raised concerns that higher energy costs could reignite inflation and slow economic growth worldwide.
Trading remained active despite the sharp decline. Net value turnover reached P9.76 billion, while foreign investors were net sellers with outflows amounting to P1.58 billion.
Losses were broad-based across sectors, with conglomerates posting the steepest drop of 5.94 percent, while the rest of the industry gauges also finished in the red.
Market breadth heavily favored decliners, which overwhelmed advancers 205 to 28.
All index members closed lower during the session. Century Pacific Food Inc. led the losses among blue chips, tumbling 11.11 percent to P32.00. INQ
