PSEi slips on renewed US-Iran tensions

MANILA, Philippines —  The local stock market snapped its three-day climb as tensions between the United States and Iran dampened sentiment.

The benchmark Philippine Stock Exchange index (PSEi) fell by 0.69 percent or 41.24 points, settling at 5,911.93 yesterday.

The broader All Shares index also declined by 0.49 percent or 16.24 points to end the session at 3,323.08.

Philstocks Financial research manager Japhet Tantiangco said the local market pulled back after three consecutive days of rallying as investors took profit amid recognition of tensions between the US and Iran.

“Israeli Prime Minister Benjamin Netanyahu said that the US and Israel are prepared to strike again if necessary, following the latter’s latest attacks. This led to fears that oil prices may spike again,” he said.

All sectors were in the red, except for financials which jumped by 1.29 percent.

Services recorded the biggest drop at 2.23 percent, followed by mining and oil, which shed 1.42 percent.

Decliners squashed advancers, 105 to 68, while 70 issues were unchanged.

Total value turnover thinned to P7 billion from the previous day’s P8.04 billion.

ICTSI was the most actively traded stock during the session, slipping by 2.91 percent to P849.50. It was followed by Ayala Land, which plunged by 4.76 percent to P14, and Jollibee, which was unchanged at P133.