PHILIPPINE STOCKS slid to a one-month low on Thursday as the United States and Iran exchanged strikes, putting their fragile truce at risk and reigniting inflation concerns.
The Philippine Stock Exchange index (PSEi) fell by 1.73% or 103.30 points to close at 5,859.94, while the broader all shares index went down by 1.37% or 45.99 points to end at 3,307.95.
This was the PSEi’s worst finish in nearly a month or since it closed at 5,833.64 on April 30.
“The Philippine market closed lower as fresh exchanges of strikes between the US and Iran renewed concerns over the fragile ceasefire in the Middle East, dampening investor sentiment. Rising oil prices also weighed on the market, prompting broad-based selling pressure across sectors,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “Investors remained cautious amid fears that prolonged geopolitical tensions could further fuel inflationary risks and market volatility.”
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
