PSEi slides 2.13% on Middle East crisis
Local stocks retreated on Wednesday as investors moved to the sidelines amid rising geopolitical tensions in the Middle East, with concerns that higher oil prices could fuel inflation.
The benchmark Philippine Stock Exchange Index (PSEi) fell by 137.54 points, or 2.13 percent, to 6,307.84.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi declined by 137.54 points, retreating from its recent high of 6,673.61 recorded on Feb. 26.
“The latest close marked a one-month low, or the weakest level since Feb. 2, although the index remains among its highest levels in about six and a half months, or since Aug. 15, 2025,” Ricafort said.
AP Securities Inc. said market sentiment turned cautious as the ongoing war involving Iran heightened uncertainty in global markets, prompting investors to trim exposure to equities.
Market breadth was sharply negative, with 179 decliners outpacing 35 advancers, while 58 stocks were unchanged, reflecting broad selling pressure across the market.
All sectoral indices ended in the red, led by the mining and oil index, which plunged 6.37 percent. This marked the steepest drop among sectors as investors reacted to the impact of geopolitical risks on commodity markets.
The financials counter dropped 3.01 percent, while the industrials index declined 2.43 percent.
The holding firms index fell 2.47 percent and the property index slid 2.49 percent.
The services index recorded the smallest decline, edging down 0.56 percent.
Among index gainers was International Container Terminal Services Inc. which rose 0.8 percent.
