Stocks slip as US-Iran talks stall
MANILA, Philippines — The local stock market slipped back in the red territory yesterday amid uncertainties surrounding peace talks between the United States and Iran.
The benchmark Philippine Stock Exchange index declined by 0.25 percent or 14.87 points to end at 5,971.98.
Also closing lower was the broader All Shares index, which slipped by 0.34 percent or 11.44 point at 3,376.99.
Claire Alviar of Philstocks Financial said the local market declined amid waning hopes toward a peace deal between the US and Iran.
“This comes after the US’ rejection of the latter’s (Iran) counter proposal followed by President Donald Trump’s statements saying that their ceasefire with Iran is weakening,” she said.
Trump’s swift rejection of Iran’s response to a US peace proposal stoked worries that the 10-week-old conflict could drag on and keep shipping through the Strait of Hormuz paralyzed.
Following such developments between the two countries, Alviar said global oil prices also rose, while the peso went back below 61 against the dollar.
The peso yesterday weakened by 33 centavos to close at 61.48 from Monday’s 61.15.
Sectoral gauges were a mixed bag, with mining and oil posting the largest gain at 2.09 percent, while industrial recorded the biggest loss at 1.56 percent.
Trading was robust as total turnover value reached P9.45 billion.
Decliners squashed advancers, 107 to 78, while 62 issues were unchanged.
ICTSI was the session’s top traded stock, increasing by 0.64 percent to P785 per share, followed by Jollibee Foods Corp., which plummeted by 10.67 percent to P144.
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