PSEi slips as oil worries dampen sentiment
The Philippine Stock Exchange Index (PSEi) closed lower on Friday as investors turned cautious amid the escalating conflict in the Middle East. This has raised fears of higher oil prices and their potential impact on inflation.
The benchmark PSEi slid by 0.94 percent or 60.12 points to close at 6,320.41.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the local market declined by nearly 1 percent as the situation in the Middle East continued to weigh on global sentiment and heighten uncertainty.
“Meanwhile, the peso’s depreciation to the 59 level against the US dollar further dampened investor confidence and pressured equities across key sectors,” Limlingan said.
Philstocks financial research manager Japhet Tantiangco said investors remained wary of the growing conflict involving the United States, Israel and Iran. This could disrupt global oil supply and drive up energy prices.
Trading activity was relatively subdued, with net value turnover reaching P6.13 billion, lower than the year-to-date average of P6.55 billion.
Foreign investors were net sellers, posting net outflows of P229.74 million during the session.
Among sectoral indices, only the property sector ended in positive territory, inching up 0.28 percent.
All other sectors declined, with mining and oil stocks suffering the steepest losses at 2.21 percent. Market breadth was negative as decliners outnumbered advancers, 116 to 69.
San Miguel Corp. emerged as the day’s top index gainer, climbing 4.88 percent to P71.95. Metropolitan Bank & Trust Co. was the worst performer, falling 3.9 percent to P71.50.
