PSEi retreats after Israel, Iran attacks
Investors on Monday reeled from the conflict between Iran and Israel, causing the benchmark index to retreat on the first trading day of the week.
By the closing bell, the Philippine Stock Exchange Index (PSEi) had shed 0.58 percent, or 37.01 points, to 6,358.58.
Likewise, the broader All Shares Index lost 0.45 percent, or 16.86 points, to close at 3,768.45.
A total of 1.07 billion shares worth P8.82 billion changed hands, stock exchange data showed. Foreigners also opted to shed their stocks, with outflows totaling P2.74 billion.
“The local market declined by the week’s start as investors dealt with the ongoing conflict between Israel and Iran and its possible economic repercussions,” said Japhet Tantiangco, research head at Philstocks Financial Inc.
He added that the attacks may trigger inflationary risks to the local economy, thus dampening investor sentiment.
Reports from foreign press said Iran launched more attacks on Israel after the latter bombed Tehran.
DigiPlus Interactive Corp. was the top-traded stock as it shed 0.72 percent to P62.35 each.
It was followed by BDO Unibank Inc., down 1.06 percent to P159; Bloomberry Resorts Corp., down 2.59 percent to P6.02; International Container Terminal Services Inc., up 0.24 percent to P416; and Bank of the Philippine Islands, down 0.65 percent to P137.80 per share.
Others were SM Investments Corp., down 0.91 percent to P867; Apex Mining Co. Inc., up 2.57 percent to P7.18; PLDT Inc., down 0.16 percent to P1,226; Philex Mining Corp., up 0.29 percent to P6.89; and Ayala Land Inc., down 3.29 percent to P23.55 each.
