PSEi dips as oil prices climb anew
MANILA, Philippines – Local stocks slipped on Tuesday as fading hopes for a peace deal between the United States and Iran dampened investor sentiment, while rising oil prices and a weaker peso added to market concerns.
The benchmark Philippine Stock Exchange Index (PSEi) fell 0.25 percent or 14.87 points, to close at 5,971.98.
Philstocks Financial Inc. said investors turned cautious after the US rejected Iran’s counterproposal, while US President Donald Trump signaled that the ceasefire between the two countries was weakening.
READ: Trump rejects Iran peace terms, Tehran warns of new attacks
Global crude prices also climbed amid the geopolitical tensions, while the peso slipped back below the 61-to-a-dollar level.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also said that the local bourse ended lower as investors took profits following yesterday’s gains.
“Market sentiment was further dampened by lower year-on-year foreign direct investment (FDI) inflows, while the depreciation of the local currency also weighed on investor confidence during today’s session,” Limlingan said.
Trading activity remained subdued, with net value turnover settling at P6.33 billion, slightly below the year-to-date average of P6.35 billion.
Foreign investors continued to exit the market, ending the session with net outflows of P107.55 million.
Sectoral performance was mixed, with mining and oil stocks leading the gains after rising 2.09 percent. Industrials posted the steepest decline, dropping 1.56 percent.
Among index members, Aboitiz Equity Ventures Inc. emerged as the top gainer, climbing 3.63 percent to P29.95.
Meanwhile, Jollibee Foods Corp. was the session’s biggest laggard after plunging 10.67 percent to P144 per share.
Analysts said investor sentiment remained fragile as markets monitored developments surrounding the US-Iran conflict, particularly its potential impact on inflation and global energy prices.
They added that lingering uncertainty overseas continued to temper risk appetite, keeping trading cautious despite selective buying in some sectors. /pai
