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Manila Bulletin devider Business devider The Stock Market devider Stocks plunge after Iran fired missiles at Israel

Stocks plunge after Iran fired missiles at Israel

Published Apr 15, 2024 08:29 am

The local stock market plunged as investors turned jittery after Iran attacked Israel with hundreds of missiles.

The main index fell 96.96 points or 1.46 percent to close at 6,562.43 as Conglomerates led the retreat while the Mining sector bucked the trend. A total of 612 million shares worth P5.58 billion changed hands as losers beat gainers 136 to 63 with 44 unchanged.

“Philippine shares were sold down as investors took precautionary measures following the geopolitical tension between Iran and Israel. Over the weekend, Tehran allied militant fired hundreds of missiles, most of which were neutralized,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that “meanwhile, in the Philippines, cash remittances were released but were not enough to offset the sentiment today.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse plunged as worries over tensions in the Middle East heightened, forcing investors to secure some gains to avoid uncertainties.”

“Most Asian markets also fell as investors assessed the impact of Iran’s massive drone and missile attacks on Israel over the weekend. Moreover, investors are waiting for how Israel would respond to this,” she added.

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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