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Manila Bulletin devider Business devider The Stock Market devider PSEi plunges after fresh exchange of fire between US and Iran

PSEi plunges after fresh exchange of fire between US and Iran

Published May 28, 2026 05:25 pm
The Philippine Stock Exchange index (PSEi) plunged on Thursday, May 28, as hopes for peace in the Middle East dimmed following fresh United States (US) strikes in Iran while the two countries’ positions remain incompatible.
The main index fell by 103.3 points, or 1.73 percent, to close at 5,859.94. Conglomerates led the retreat across the board.
Volume was still low at 718 million shares worth ₱5.65 billion. Losers trounced gainers—128 to 61, with 51 unchanged.
“The Philippine market closed lower as fresh exchanges of strikes between the US and Iran renewed concerns over the fragile ceasefire in the Middle East, dampening investor sentiment,” said Regina Capital Development Corp. managing director Luis Limlingan.
Higher oil prices also weighed on the market, prompting broad-based selling pressure across sectors as investors fear that prolonged geopolitical tensions could further fuel inflationary risks and market volatility.
Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market extended its decline as hopes towards a peace deal between the US and Iran continue to weaken. This comes following the latest exchange of military force between the two. The latest development also caused a rise in global oil prices today.”
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the PSEi dropped as the peso weakened due to higher oil prices after US President Donald Trump signaled dissatisfaction over negotiations to end the Iran war.

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