MANILA, Philippines — Share prices fell yesterday as investors took their cue from developments abroad, particularly the escalating conflict between Israel and Hamas.
The Philippine Stock Exchange index declined by 12.63 points or 0.20 percent to finish at 6,268.27, while the broader All Shares index slipped by 5.98 points or 0.18 percent to settle at 3,385.40.
Claire Alviar of Philstocks Financial attributed the decline to the heightened tensions between Israel and Hamas.
“Investors were further concerned about the escalating conflict’s impact on oil prices, potentially leading to an increase in domestic oil prices if global prices continue to climb,” she said.
“This situation is anticipated to be unfavorably received by investors, especially in light of our elevated inflation.”
Regina Capital’s Luis Limlingan, for his part, said local shares edged lower as investors analyzed the latest bond yield movement and corporate earnings in the US.
“The yield on the 10-year US Treasury note hit its highest level since October. Once again, oil prices settled higher as investors monitored the potential impact of US diplomatic initiatives and President Joe Biden’s visit to Israel on the escalation of the Middle East conflict,” he said.
Local indexes were mixed, with industrials and financials up by 1.01 percent and 0.11 percent, respectively.
The rest ended in the red, led by property and mining and oil which decreased by 0.77 percent and 0.70 percent, respectively.
Total value turnover amounted to P5.12 billion.
Market breadth was negative as decliners edged out advancers, 92 to 73, while 61 issues were unchanged.
Global markets likewise fell after China reported yesterday that its economy grew at a 4.9 percent annual pace in July to September, down from 6.3 percent in the previous quarter.
China’s National Bureau of Statistics said the world’s second-largest economy slowed in the summer as global demand for exports faltered and the ailing property sector sank deeper into crisis.