No respite for stocks as war jitters linger

MANILA, Philippines — Global uncertainties continued to take their toll on the local stock market.

The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.84 percent or 50.35 points, settling at 5,948.33.

The broader All Shares index likewise slipped by 0.5 percent or 16.61 points to close yesterday’s session at 3,336.99.

Luis Limlingan of Regina Capital said the PSEi opened the week lower as developments in the Middle East conflict continued to weigh on market sentiment.

“Market jitters intensified after Donald Trump set a deadline for Iran to open the Strait of Hormuz, adding to global uncertainty,” Limlingan said.

RCBC chief economist Michael Ricafort said Trump’s new ultimatum to hit Iran’s power plants could lead to higher fuel prices, higher interest rates, slower and economic growth.

All sectors were in the red, except for property, which inched up by 0.02 percent. Mining and oil took the biggest fall at 2.99 percent, followed by holding firms with a 1.94-percent drop.

Trading was weak as total turnover value stood at P5.55 billion.

Decliners hammered advancers, 125 to 70, while 70 issues were unchanged.

ICTSI was the most actively traded stock, plunging by 1.44 percent P685 per share, followed by Jollibee which fell by 2.97 percent to P173 and Century Pacific Food which slipped by 0.45 percent to P33.35.