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Manila Bulletin devider Business devider The Stock Market devider Stocks slump as minimum wage hike, Iran tensions spark profit-taking

Stocks slump as minimum wage hike, Iran tensions spark profit-taking

Published Jun 30, 2026 05:19 pm
Local stocks retreated on the final trading day of the first half as investors locked in gains from a three-day rally, driven by mounting concerns over local inflation and shifting geopolitical dynamics.
The Philippine Stock Exchange index (PSEi) dropped 1.6 percent—or 96.24 points—to close at 6,037.17 on Tuesday, June 30, with financial institutions leading a broad-based decline across the bourse.
Market breadth was negative, with 112 stocks declining against 78 advances, while 40 issues remained unchanged. Though trading volume showed minor signs of improvement, overall activity stayed subdued, with 531 million shares changing hands for a total value of ₱6.74 billion.
Market participants heavily repositioned portfolios to close out the first semester, liquidating positions following a brief period of positive momentum. Regina Capital Development Corp. Managing Director Luis Limlingan noted that risk appetite was severely limited by international crosscurrents, specifically pointing to shifting outlooks regarding diplomatic negotiations between the United States (US) and Iran.
Philstocks Financial Research Manager Japhet Tantiangco also stated that a weakening domestic macroeconomic outlook, coupled with external geopolitical risks, left investors with little incentive to hold positions ahead of the weekend.
Chief among the domestic pressures is the potential for a renewed surge in consumer prices. The selloff intensified following the announcement of a 12.2 percent increase to the minimum wage in the National Capital Region. While intended to support labor, the double-digit adjustment stoked institutional anxieties regarding structural inflation.
Rizal Commercial Banking Corp. Chief Economist Michael Ricafort noted that the wage increase will likely trigger secondary inflationary effects, driving up the cost of goods and services across multiple sectors and complicating the central bank’s policy trajectory.

Related Tags

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