Market streak ends as US-Iran conflict resurfaces

MANILA, Philippines — The local stock market snapped its six-day wining streak amid renewed concerns over the war in the Middle East after US President Donald Trump ended the ceasefire with Iran.

The benchmark Philippine Stock Exchange index (PSEi) tumbled by 0.83 percent or 51.9 points to close at 6,223.87.

The broader All Shares index also declined by 1.02 percent or 34.59 points, settling at 3,370.56.

Philstocks Financial research manager Japhet Tantiangco said the local market pulled back as investors booked gains after six days of rallying.

He said reignited tensions between the US and Iran also weighed on the market following Trump’s remarks saying that the ceasefire with Iran is already over.

“The downgrade in the IMF (International Monetary Fund) and ADB’s (Asian Development Bank) Philippine economic projections for 2026 also dampened sentiment,” Tantiangco said.

All sectors were in the red, except for services, which rose by 0.85 percent. Financials posted the biggest loss at 2.14 percent, followed by holding firms, which fell by 2.06 percent.

Total turnover value improved slightly to P6.19 billion from the previous day’s P5.06 billion.

Decliners battered advancers, 111 to 68, while 62 issues were unchanged.

ICTSI was the session’s most actively traded stock, surging by 2.26 percent to P971.50 per share. It was followed by BPI and Ayala, which plunged by 2.7 percent and 3.51 percent, respectively, to P101 and P468.

Global stock markets slid yesterday, after Trump said Washington’s ceasefire with Iran was over following renewed strikes in the Middle East.

The latest bout of fighting was sparked by Iranian attacks on ships in the vital Strait of Hormuz shipping route, through which a fifth of the world’s oil and liquefied natural gas transited before the war.