PSEi slides down below 5,700 amid rising oil prices

Philippine stocks fell on Friday as rising global oil prices and concerns over escalating tensions in the Middle East dampened investor sentiment.

The benchmark Philippine Stock Exchange Index (PSEi) shed 0.44 percent, or 25.23 points, to close at 5,680.35.

The broader All Shares index declined by 0.51 percent.

Philstocks Financial Inc. attributed the retreat to higher oil prices amid fears of renewed US attacks on Iran after next week’s US midterm elections.

The brokerage said Houthi attacks on Saudi Arabia and recent incidents involving tankers struck by mines in the Strait of Hormuz added to market concerns.

Luis Limlingan, head of sales at Regina Capital Development Corp., also said the local bourse retreated in today’s session as investors resorted to profit-taking following yesterday’s gains.

“This reflects continued market caution, with investors maintaining defensive positions and reducing exposure ahead of the long weekend amid lingering macroeconomic and external uncertainties,” Limlingan said.

Trading was strong despite the decline, with net value turnover reaching P12.73 billion.

Foreign investors ended the session as net sellers, recording net outflows of P4.49 million.

All sectoral indices finished in negative territory. Mining and oil suffered the steepest decline, losing 1.19 percent.

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Among the 30 index members, GT Capital Holdings Inc. bucked the downturn to become the session’s top gainer, climbing by 4.03 percent.

Aboitiz Equity Ventures Inc., meanwhile, was the biggest index decliner, dropping by 3.67 percent.

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