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Manila Bulletin devider Business devider The Stock Market devider Stocks snap six-day rally as Trump's Iran warning rattles markets

Stocks snap six-day rally as Trump's Iran warning rattles markets

Published Jul 9, 2026 05:13 pm
Local stocks snapped a six-day winning streak, retreating as a flare-up in geopolitical tensions between the United States (US) and Iran prompted investors to lock in profits following the weeklong rally.
The Philippine Stock Exchange index (PSEi) fell 51.9 points, or 0.83 percent, to close at 6,223.87 on Thursday, July 9. Banking equities led the decline, outweighing a counter-trend advance in the services sector.
Trading activity saw a modest pickup but remained low by historical standards, with 1.49 billion shares changing hands valued at ₱6.19 billion. Decliners outnumbered gainers 111 to 68, while 62 issues closed unchanged.
The pullback reflected immediate anxiety over global security after US President Donald Trump declared that a brief ceasefire with Iran had collapsed, signaling the resumption of hostilities in the Middle East.
Trump’s remarks, delivered during a NATO summit in Ankara, sparked rapid reassessment of global risk configurations, directly interrupting momentum in emerging equity markets like the Philippines.
“The local market pulled back as investors booked gains after six days of rallying,” said Japhet Tantiangco, research manager at Philstocks Financial. “Reignited tensions between the US and Iran also weighed on the market following President Trump’s remarks that the ceasefire is already over.”
Compounding the geopolitical drag, domestic economic sentiment faced headwinds after both the International Monetary Fund (IMF) and the Asian Development Bank (ADB) lowered their 2026 economic growth projections for the Philippines.
Foreign fund managers bucked the broader selling trend, remaining net buyers for another consecutive session. Net foreign inflows reached ₱799 million, providing a liquidity floor against a deeper market correction. International Container Terminal Services Inc. (ICTSI) anchored the foreign accumulation, surging 2.26 percent as it drew the day's largest international allocation at ₱825 million.
Local brokerage BPI Trade noted that the index’s reversal materialized primarily due to aggressive domestic profit-taking, which effectively overshadowed the day’s robust foreign purchasing interest.

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Philippine Stock Exchange Philstocks Financial Japhet Tantiangco BPI Trade
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