Article by:
Joann Villanueva
MANILA – Concerns over the economic impact of the ongoing Middle East conflict pushed both the Philippine Stock Exchange index (PSEi) and the peso lower on Monday.
The local bourse’s main index fell 4.97 percent to 6,006.22 points, while the broader All Shares index declined 4.24 percent to 3,346.75.
All sectoral gauges closed in the red, led by Holding Firms, down 5.94 percent. Property dropped 5.12 percent; Financials and Mining and Oil both slipped 4.77 percent; Services fell 4.28 percent; and Industrial declined 4.01 percent.
Volume reached 2.54 billion shares valued at PHP11.08 billion. Decliners outnumbered advancers, 205 to 28, while 41 shares were unchanged.
"The Philippine market declined sharply amid escalating tensions in the Middle East, which dampened investor sentiment and risk appetite across global markets," Luis Limlingan, Regina Capital Development Corporation head of sales, said.
"Oil prices also surged above USD100, raising inflation concerns and increasing the risk of tighter monetary policy from the central bank," he added.
Meanwhile, the peso weakened against the U.S. dollar, closing at 59.5 from 59.00 on Friday.
It opened at 59.25, weaker than the previous session’s 58.68 start, and traded between 59.71 and 59.25, bringing the day's average to 59.55.
Volume reached USD2.6 billion, higher than the USD1.85 billion recorded at the end of last week. (PNA)
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