Escalating ME conflict weighs heavy on PSEi

MANILA, Philippines —  Rising tensions in the Middle East weighed on the local stock market yesterday.

The benchmark Philippine Stock Exchange index slipped by 0.19 percent or 13.89 points to close at 7,388.92. The broader All Shares index, on the other hand, finished in the positive territory, adding 0.30 percent or 11.80 points to settle at 3,982.66.

Philstocks Financial research manager Japhet Tantiangco said the bourse was in the positive territory for the most part of the day but was dragged down by last-minute profit taking.

“Philippine shares ended slightly lower on rising Middle East tensions, following Iran’s missile attack on Israel. Investors are bracing for more uncertainty as Israel starts a ground operation in Lebanon and tensions escalate with Hezbollah,” Luis Limlingan of Regina Capital said.

Limlingan said easing inflation expectations locally and strong manufacturing growth kept the market from drifting lower.

Net value turnover picked up to P7.07 billion from the previous day’s P4.06 billion.

Sectoral gauges were a mixed bag, with the mining and oil counter leading those in the green with a 2.57-percent jump.

Services, meanwhile, posted the biggest decline at 0.34 percent.

Market breadth stayed positive despite the PSEi finishing lower, with advancers battering decliners, 124 to 83, while 49 issues were unchanged.

Nickel Asia led the index members with a 5.97 percent increase, while JG Summit Holdings lost the most with 2.68 percent.

BDO was the top traded company, declining by 2.43 percent to P156.90 per share, followed by BPI which increased by 1.02 percent to P139.20 per share.