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Renewed US-Iran attacks weigh on PSEi

Business | The Stock Market

Renewed US-Iran attacks weigh on PSEi

By James A. Loyola

The Philippine Stock Exchange index (PSEi) dipped marginally on Wednesday, June 10, after shots were again fired between the United States (US) and Iran as the prolonged conflict approached its 100th day.

The main index shed 4.35 points, or 0.07 percent, to close at 5,941.36. Mining and oil stocks led the retreat, while gains in services and banks offset most of the losses.

Volume remained strong at 662 million shares worth ₱7.22 billion. Losers outnumbered gainers—133 to 49, with 57 issues unchanged.

“The Philippine market ended lower as investors shifted to the selling side following renewed attacks in the Middle East,” said Regina Capital Development Corp. managing director Luis Limlingan.

He added, “Heightened geopolitical tensions dampened risk appetite and triggered selling across the market. As a result, sentiment turned cautious, weighing on overall market performance.”

Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market closed in negative territory amid reigniting tensions in the Middle East.”

The US launched strikes against Iran after the latter allegedly downed a US Army helicopter patrolling the Strait of Hormuz. Iran, in response, attacked certain Gulf countries.

Related Tags

PSEi Japhet Tantiangco Luis Limlingan Middle East war Strait of Hormuz Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Philstocks Financial United States (US) Iran

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