Heightened Mideast tensions drag stocks

MANILA, Philippines — The local stock market opened the shortened trading week lower as renewed tensions in the Middle East dampened sentiment.

The benchmark Philippine Stock Exchange index (PSEi) tumbled by 0.99 percent or 58.97 points, ending the session at 5,879.41.

The broader All Shares index likewise shed 0.96 percent or 32 points to close at 3,302.31.

AB Capital Securities said the PSEi closed at the low of the day as heightened Middle East tensions and higher-for-longer US rate expectations drove a broad risk-off move across regional markets.

“The market largely shrugged off Friday’s better-than-expected inflation print as rising oil prices weighed on sentiment,” AB Capital said.

All sectors were in the red, with mining and oil taking the biggest hit with a 4.04-percent drop.

Total turnover value finished at P6.45 billion to start the week.

Decliners battered advancers, 133 to 53, while 55 issues did not change hands.

ICTSI was the top traded stock, advancing by 0.35 percent to P858 per share, followed by Ayala Land and Jollibee which plunged by 3.95 percent and 3.67 percent to P13.60 and P131.30, respectively.

The PSE announced that there will be no trading on June 12, 2026 in observance of Independence Day.