PSEi dips on renewed US-Iran hostilities
Philippines stocks retreated on Wednesday as renewed military exchanges between the United States and Iran pushed global yields and oil prices higher, while the peso’s fall to a fresh record low further dampened sentiment.
The benchmark Philippine Stock Exchange Index (PSEi) declined by 0.67 percent or 40.66 points to close at 6,053.23.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the local index closed lower as the market underwent a correction following yesterday’s strong buying activity.
“Weakness was further driven by the continued depreciation of the peso, which weighed on investor sentiment,” Limlingan said.
“Meanwhile, softer global markets added to the cautious tone, prompting investors to take a more defensive stance,” he added.
Trading remained tepid with net value turnover reaching P5.14 billion.
Foreign investors stayed on the sidelines, posting net outflows of P559.82 million.
Most sectoral indices ended in negative territory. Industrials bucked the downturn, rising by 0.38 percent.
Services posted the steepest decline, falling by 1.46 percent.
Among index members, Manila Electric Co. led gainers after climbing 3.92 percent to P456.
DigiPlus Interactive Corp., meanwhile, was the session’s biggest index laggard. Its shares plunged 7.05 percent to P10.02.
The latest pullback came as investors grappled with renewed geopolitical risks, which have pushed up oil prices and global yields.
These pressures, analysts said, coupled with the peso’s record-setting decline, kept risk appetite in check despite gains in select industrial stocks.
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