PSEi falls below 6,100 as war lingers

The benchmark Philippine Stock Exchange (PSEi) index slid down on Friday as the lingering conflict in the Middle East continued to weigh on investor sentiment.

The benchmark index went down 0.89 percent or 54.64 points to close at 6,058.94, extending the local market’s decline.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the Philippine market declined in line with the broader downturn in global markets as investors reacted to escalating war in the Middle East.

“Threats of continued increase in oil prices heightened concerns over inflation and potential policy tightening. At the same time, a weakening peso and heightened geopolitical uncertainty have made investors more cautious, leading to subdued trading activity,” Limlingan said.

Philstocks financial research manager Japhet Tantiangco said worries over oil supply disruptions rattled investors. This was after Iran’s Supreme Leader Mojtaba Khamenei warned that the Strait of Hormuz must remain closed, raising concerns about the outlook for global oil prices.

Trading activity was subdued, with net value turnover reaching P4.86 billion. Foreign investors remained cautious, ending the session as net sellers with outflows of P3.66 billion.

Sectoral performance was largely negative. Only the industrial sector finished in positive territory, inching up 0.16 percent while the rest of the sectors closed in the red. The mining and oil sector posted the biggest drop, slipping 0.16 percent.