Philippine Stock Exchange Index Drops Below 6,100 Amid Middle East Conflict and High U.S. Yields

MANILA: Local shares took a dip below the 6,100-level, reflecting investors’ ongoing concerns about the more than two-week-long conflict in the Middle East. The Philippine Stock Exchange index (PSEi) fell by 54.46 points, ending at 6,088.44, while the broader All Shares index declined by 26.36 points to settle at 3,303.06.

According to a new release by the Philippines News Agency, the Israel-Hamas conflict and higher yields in the United States are negatively impacting the domestic index. Alviar added that the likelihood of extended high interest rates, both domestically and in the U.S., has further dampened market sentiment. “Many investors opted to stay on the sidelines, resulting in a net market value turnover of PHP2.88 billion,” she noted.

All sectors closed in the red, with the Mining and Oil sector experiencing the most significant loss of 146.74 points. The market saw decliners outnumbering advancers at 123 to 50, while 55 counters remained unchanged.

In currency news, the Philippine peso remained flat, closing at 56.84 to a U.S. dollar, the same rate at which it closed last Friday. The opening rate remained unchanged at 56.75, trading to a low of 56.72 and a high of 56.87 against the U.S. dollar. The day’s weighted average settled at 56.82 to a dollar. Trading volume slightly increased, reaching USD950.5 million on Monday, up from USD912.27 million in the previous trading session.