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Manila Bulletin devider Business devider The Stock Market devider Stocks lower amid Middle East conflict

Stocks lower amid Middle East conflict

Published Oct 3, 2024 07:59 am

The PSEi saw its gains peter out in late trades as investors exercise caution amid growing tensions in the Middle East.

The main index shed 13.89 points or 0.19 percent to close at 7,388.92 with sectoral indices equally split. Volume rose to 1.01 billion shares worth P7.38 billion as gainers beat losers 124 to 83 with 49 unchanged.

“Philippine shares ended slightly lower on rising Middle East tensions, following Iran’s missile attack on Israel,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Investors are bracing for more uncertainty as Israel starts a ground operation in Lebanon and tensions escalate with Hezbollah.”

Locally, easing inflation expectations and strong manufacturing growth kept the market from drifting lower. The Philippine CPI is scheduled for release tomorrow Oct 4.

Philstocks Financial Research Manager Japhet Tantiangco said "The bourse was in the positive territory for the most part of the day but was dragged by last minute profit taking."

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan
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