PSEi retreats as Israel-Iran conflict rises

The Philippine Stock Exchange Index (PSEi) retreated on Wednesday as anxious investors reacted to escalating conflict in the Middle East. This also happened ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting.

By the closing bell, the benchmark PSEi had lost 0.5 percent, or 31.76 points, to 6,337.43.

Also, the broader All Shares Index shed 0.29 percent, or 11.07 points, to close at 3,772.79.

A total of 2.9 billion shares worth P5.3 billion changed hands, stock exchange data showed.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the index’s decline was due to “lingering concerns” over the attacks between Israel and Iran.

Apart from this, investors are also looking forward to the BSP’s decision on its monetary policy stance on Thursday.

Analysts expect the central bank to cut rates by another quarter point to 5.25 percent.

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BDO Unibank Inc. was the most actively traded stock after closing lower by 2.55 percent to P153 each. It was followed by Bloomberry Resorts Corp., down 4.76 percent to P5.60; Manila Water Co. Inc., up 1.32 percent to P38.40; International Container Terminal Services Inc., up 0.72 percent to P419; and DigiPlus Interactive Corp., down 5.31 percent to P60.60 per share.

Others were Bank of the Philippine Islands, down 1.6 percent to P135.50; Jollibee Foods Corp., down 1.56 percent to P226.80; SM Investments Corp., down 0.35 percent to P865; SM Prime Holdings Inc., down 0.22 percent to P22.40; and Ayala Land Inc., unchanged at P23.65 each.

Gainers edged out losers 96 to 95, while 52 companies closed flat, stock exchange data also showed.