Worsening Iran conflict to weigh on PHL shares
Philippine stocks are facing downward pressure due to rising geopolitical tensions in the Middle East and concerns over inflation. Investors are also reacting to a new US tariff on Philippine goods linked to forced labor concerns.
Why it matters
The combination of global oil price volatility and trade friction poses significant risks to the Philippine economy and investor sentiment.
PHILIPPINE STOCKS may stay under pressure this week as investors weigh rising geopolitical and inflation risks and monitor President Ferdinand R. Marcos, Jr.’s State of the Nation Address.
On Friday, the Philippine Stock Exchange index (PSEi) edged down by 0.03% or 2.11 points to close at 6,281.01, while the broader all shares index went down by 0.13% or 4.59 points to end at 3,422.48.
Week on week, the PSEi decreased by 123.1 points from July 17’s finish of 6,404.11.
“The local market declined as sentiment got hammered by the rise in global oil prices, with Brent crude hitting $100 per barrel, and the further weakening of the local currency to record lows… On a positive note, last-minute bargain hunting trimmed the market’s losses,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in