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Manila Bulletin devider Business devider The Stock Market devider Stocks fall again after Israel strikes Iran

Stocks fall again after Israel strikes Iran

Published Apr 22, 2024 04:27 am

The local stock market gave up the previous day’s gains and fell again on news that Israel has struck back at Iran, further escalating the situation in the Middle East.

The main index lost 80.19 points or 1.23 percent to close at 6,443.00 with the Property sector losing the most while Miners again bucked the trend. Volume declined to 704 million shares worth P5.44 billion as losers trounced gainers 134 to 58 with 43 unchanged.

“Philippine sentiment turned sour as the shares lost the early morning gains to close below the 6500 level as geopolitical tensions escalated between Israel and Iran. Early during trading it was confirmed that Israel finally retaliated, carrying airstrikes against Iran particularly into the Isfahan province,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “meanwhile, Wall St. staged another pullback driven by tempered expectations for a rate cut soon. Economists and strategists increasingly entertaining the possibility of no reductions at all this year.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse dropped as tensions in the Middle East heightened following Israel’s attack against Iran. This resulted in negative sentiment, forcing investors to sell some shares ahead of the weekend to avoid any uncertainties.”

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