PSEi slips on renewed Mideast war jitters
MANILA, Philippines – Local stocks retreated on Monday as renewed Middle East war jitters dampened investor sentiment.
The Philippine Stock Exchange Index (PSEi) fell by 0.72 percent or 44.16 points, to close at 6,054.05.
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Philstocks financial research manager Japhet Tantiangco said that the broader market pulled back as concerns resurfaced over the ongoing conflict. This was particularly after the United States and Iran failed to reach a deal, alongside reports of a planned blockade of the Strait of Hormuz.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said geopolitical concerns escalated as US President Donald Trump threatened Iran with a blockade of the Strait of Hormuz. This reignited fears of supply disruptions and a spike in global oil prices.
“Crude has already surged above $100 per barrel following the announcement, raising inflation risks and weighing on risk assets globally,” Limlingan added.
Moderate activity
Back home, trading activity remained moderate, with net value turnover reaching P6.57 billion. Foreign investors were net sellers, posting outflows of P216.89 million.
Sectoral performance was mostly negative, with only the services index ending in the green, up 1.02 percent.
Banking stocks led the decline, shedding 2.35 percent, reflecting risk-off sentiment among investors.
Market breadth was likewise weak, as decliners outpaced advancers, 121 to 82.
Only four index members finished higher for the day. Aboitiz Equity Ventures Inc. emerged as the top gainer, climbing 4.03 percent to P31. INQ
