The Philippine Stock Exchange index (PSEi) plunged to just below the 5,900 level on Monday, March 23, as oil prices continued to rise amid worsening conflict in the Middle East, with Iran keeping the Strait of Hormuz shut despite threats from the United States (US).
The main index fell 119.44 points, or 1.98 percent, to close at 5,899.18. The mining sector plummeted to lead all counters down.
Volume rose to 1.36 billion shares worth ₱8.1 billion. Losers beat gainers—167 to 46, with 58 holding their ground.
“The Philippine market ended significantly lower as ongoing conflict in the Middle East showed no signs of de-escalation, dampening investor sentiment,” said Regina Capital Development Corp. managing director Luis Limlingan.
He added that rising oil prices further weighed on the market, heightening concerns over inflation and input costs. As a result, cautious trading prevailed amid expectations of sustained price pressures and potential policy tightening.
Philstocks Financial Inc. research manager Japhet Tantiangco said the local market plunged as the further escalation of tensions between the US and Iran weighed on investors’ sentiment.
This comes as the two countries exchanged threats amid the US’ demand for the complete reopening of the Strait of Hormuz, which is crucial for global energy supply, as roughly 20 percent of the world’s oil passes through it.
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