PHL stocks slip further on fresh Mideast concerns
Philippine stocks declined as investors reacted to rising geopolitical tensions in the Middle East and subsequent increases in global oil prices. Market sentiment remained cautious, leading to thin trading volumes as traders awaited further developments.
Why it matters
Geopolitical instability in the Middle East continues to exert pressure on emerging market economies through energy price volatility.
PHILIPPINE SHARES slipped further on Tuesday as investor sentiment soured on worsening tensions in the Middle East, which have led to higher global oil prices.
The Philippine Stock Exchange index (PSEi) fell by 0.15% or 9.70 points to close at 6,256.02, while the broader all shares index went down by 0.09% or 3.29 points to end at 3,379.94.
“The local bourse ended slightly lower as investors remained cautious amid the ongoing US-Iran conflict and renewed gains in oil prices, which weighed on market sentiment. Traders largely stayed on the sidelines resulting in thin volume for today’s session, awaiting further geopolitical developments before taking significant positions,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
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