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Manila Bulletin devider Business devider The Stock Market devider Local stocks fall as US-Iran tensions spark oil rally

Local stocks fall as US-Iran tensions spark oil rally

Published May 12, 2026 05:17 pm
Local equities retreated as the breakdown in diplomatic efforts between Washington and Tehran sent oil prices higher and weighed on the local currency.
The benchmark Philippine Stock Exchange index (PSEi) fell 14.87 points, or 0.25 percent, to close at 5,971.98 on Tuesday, May 12, snapping a brief rally as investors reassessed geopolitical risks.
Market sentiment soured after the US rejected counter-proposals from Iran regarding a potential peace deal, dampening hopes for a swift resolution to regional instability. President Donald Trump’s subsequent remarks that a ceasefire appeared to be weakening added to the unease, sparking a fresh climb in global crude benchmarks.
“The local bourse ended lower as investors took profits following yesterday’s gains,” said Luis Limlingan, Managing Director at Regina Capital Development Corp.
The retreat was exacerbated by domestic headwinds, including a year-on-year decline in foreign direct investment inflows.
The Philippine peso also faced renewed pressure, sliding back below the 61.00 level against the US dollar.
“The local market declined amid waning hopes toward a peace deal between the US and Iran,” said Japhet Tantiangco, Research Manager at Philstocks Financial Inc.
He noted that the rejection of Iran’s proposal served as a primary catalyst for the day’s risk-off behavior, shifting focus away from domestic earnings and toward global macro-instability.
Trading activity saw a notable spike, with volume jumping to 1.22 billion shares valued at ₱9.44 billion. Despite the surge in turnover, the breadth of the market remained negative. Losers outpaced gainers 107 to 78, while 62 stocks remained unchanged.
Sectoral performance was a mixed bag, reflecting a lack of conviction as the main index struggled to maintain its footing above the 6,000 psychological threshold.

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Philippine Stock Exchange index Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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