Manila: Geopolitical risks in the Middle East weakened the Philippine Stock Exchange index (PSEi) and the peso on Monday.
According to Philippines News Agency, the PSEi fell 0.50 percent to 6,297.08 points, while the All Shares index dropped 2.06 percent to 3,509.52. Most sectoral indices ended lower, with Mining and Oil leading the decline by plunging 13.61 percent. Financials declined 2.63 percent, Property fell 1.17 percent, Industrials decreased by 0.60 percent, and Holding Firms slipped 0.13 percent. The only sector to advance was Services, which rose by 1.43 percent.
Trading volume reached 2.29 billion shares valued at PHP9.1 billion. The market saw decliners outnumber advancers by 128 to 79, with 56 issues remaining unchanged. The peso closed at 58.89 per US dollar, which was slightly weaker than the previous Friday's close of 58.86. It opened stronger at 58.90 from a previous 58.98 and traded between 58.91 and 58.86, averaging 58.88 for the day. The foreign exchange volume declined to USD773 million from USD1.27 billion last week.
Rizal Commercial Banking Corporation chief economist Michael Ricafort attributed the drop in the PSEi and the peso to the "latest geopolitical risks on Iran, whose leader warned of a regional conflict, particularly with Israel, though downplayed by [US President Donald] Trump who had talks with Iran."
