BIZ BUZZ: Oil jitters reshuffle PSEi’s winners, losers

Escalating tensions in the Middle East did not spare the Philippine stock market on Monday—but a few counters managed to ride the oil shock.

By the closing bell, the Philippine Stock Exchange Index (PSEi) tumbled 314.19 points or 4.97 percent, to 6,006.22, with 205 decliners overwhelming just 28 advancers, while 41 stocks were unchanged.

Leading the day’s gainers was PetroEnergy Resources Corp., which jumped 12.94 percent to P3.84, as traders snapped up energy-linked names amid surging global oil prices.

Joining the rally were ZHI Holdings Inc., up 10 percent to P0.066, and Philex Petroleum Corp., which climbed 9.80 percent to P3.36. The gains came as markets worldwide reacted to fears that escalating conflict in the Middle East could disrupt oil supplies.

But beyond a handful of bright spots, the broader market struggled.

The day’s steepest drop came from Cirtek Holdings Philippines Corp., which plunged 25 percent to P0.03. Global Ferronickel Holdings Inc. also slid 15.46 percent to P1.75, while Evergreen Holdings Inc. fell 14.89 percent to P0.04.

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For traders, Monday’s scoreboard offered a clear takeaway: When oil shocks hit, a few energy names may shine—but the broader market often comes under pressure.

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