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Manila Bulletin devider Business devider The Stock Market devider Local equities retreat as Hormuz conflict rattles energy markets

Local equities retreat as Hormuz conflict rattles energy markets

Published Mar 12, 2026 04:58 pm
Local stocks retreated as the resurgence in global crude oil prices and the weakening peso soured investor sentiment, overshadowing gains in the conglomerate sector.
The Philippine Stock Exchange index (PSEi) dropped 44.75 points, or 0.73 percent, to finish at 6,113.58 in Manila. While the services sector led the decline, the broader market breadth was decidedly negative, with 125 decliners more than doubling the 60 gainers.
Sixty-five stocks remained unchanged. Trading activity saw a pickup in momentum, with 1.05 billion shares changing hands valued at ₱8.36 billion.
The selloff followed a sharp escalation in geopolitical tensions after Iran intensified attacks in the Strait of Hormuz to block oil tankers. The move pushed global crude prices back above the $100-a-barrel threshold, sparking fears of a prolonged energy shock.
Luis Limlingan, managing director at Regina Capital Development Corp., noted that the market entered a “selling mode” almost immediately as the oil surge heightened inflation concerns and dampened risk appetite.
Market participants are increasingly worried that higher energy costs will force the Bangko Sentral ng Pilipinas to consider further interest rate hikes to anchor inflation expectations. 
Japhet Tantiangco, research manager at Philstocks Financial, said that warnings from Tehran that oil could hit $200 per barrel amid its confrontation with the US have dominated local sentiment.
He added that the peso’s continued depreciation is adding further pressure on the bourse.
The benchmark's correction comes as global oil prices hit their highest levels since late 2023, despite international efforts to stabilize supply through record releases from strategic reserves. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the geopolitical friction poses a direct threat to global supply chains.
The economic fallout is already being reflected in revised forecasts. The Department of Economic, Planning, and Development now estimates year-on-year inflation will reach at least 4.5 percent for the March-April 2026 period, with full-year inflation projected between four percent and 4.2 percent. Furthermore, the agency warned that the ongoing conflict could shave between 0.2 percent and 0.3 percent off the nation’s gross domestic product growth this year.

Related Tags

Philippine Stock Exchange index Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco Rizal Commercial Banking Corporation Michael L. Ricafort
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