MANILA – Investor caution over the escalating Middle East conflict weighed on the Philippine Stock Exchange on Thursday, leading to a decline in the main index and further weakening of the peso against the US dollar.
The Philippine Stock Exchange index (PSEi) fell by 0.73 percent, closing at 6,113.58 points, while the broader All Shares index dropped 0.66 percent to 3,405.40 points.
Among sectoral performances, only the Holding Firms index recorded gains, climbing 1.33 percent. Meanwhile, the Services sector experienced the steepest loss at 3.28 percent, followed by Mining and Oil (2.27%), Industrial (0.37%), Financials (0.35%), and Property (0.25%).
Trading volume totaled 1.05 billion shares, valued at PHP8.4 billion. Declining stocks outnumbered advancing ones at 125 to 60, with 65 remaining unchanged.
According to a market report by Philstocks Financial, Inc., “Investor sentiment was dominated by concerns over Middle East tensions and surging oil prices. Iran has even warned that oil could reach USD200 per barrel amid its conflict with the US.” The report also noted that “the peso’s depreciation added downward pressure on the stock market.”
The peso ended weaker at 59.38 per US dollar, down from 59.17 the previous day. It traded in a range of 59.3 to 59.65, averaging 59.53, with trading volume declining to USD1.92 billion from Wednesday’s USD2.01 billion.
elamigo/xf
