Philippine stocks retreated on Monday as the escalating conflict in the Middle East dampened investor appetite, pulling the benchmark index below the 6,000 mark.
The Philippine Stock Exchange Index (PSEi) declined by 0.84 percent or 50.35 points, to close at 5,948.33.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the market jitters intensified after US President Donald Trump set a deadline for Iran to open the Strait of Hormuz, which added to global uncertainty.
“Oil prices remained elevated due to continued supply disruptions tied to the prolonged conflict,” Limlingan said.
Philstocks Financial research manager Japhet Tantiangco said market sentiment was weighed down by fresh developments in the conflict. These included reported US military strikes on Iranian infrastructure and renewed threats from Trump if the Strait of Hormuz remains closed—raising concerns that the war could drag on.
Back home, trading activity remained subdued, with net value turnover reaching only P4.35 billion. This was below the year-to-date average of P6.49 billion.
Foreign investors were also on the sidelines, ending the session as net sellers with outflows amounting to P1.05 billion.
Sectoral performance was broadly negative. Only the property index posted a gain of a mere 0.02 percent. Mining and oil stocks led the drop, falling 2.99 percent.
Market breadth was weak with decliners outnumbering advancers, 125 to 70.
Among index heavyweights, Manila Electric Co. emerged as the top performer, rising 1.82 percent to P615 per share.
