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Manila Bulletin devider Business devider The Stock Market devider Stocks retreat as Iran denies US peace talks, tax proposals weigh

Stocks retreat as Iran denies US peace talks, tax proposals weigh

Published Aug 4, 2026 05:10 pm
Local equities fell as global geopolitical friction and domestic fiscal policy concerns eroded risk appetite, halting a previous session rally.
The Philippine Stock Exchange index (PSEi) slipped 38.08 points, or 0.6 percent, to close at 6,296.64 on Tuesday, Aug. 4. Sectoral performance was mixed, with Property shares leading the decline, while Industrial and Mining stocks managed modest gains.
Trading activity thinned, with volume dropping to 594 million shares valued at ₱4.54 billion. Decliners outpaced gainers 102 to 84, while 54 issues were unchanged.
Local market sentiment turned cautious after Tehran denied ongoing negotiations with Washington aimed at reaching a deal, dampening expectations for a diplomatic resolution in the Middle East.
“The local bourse ended lower as investors locked in profits following the previous session’s gains,” said Luis Limlingan, managing director at Regina Capital Development Corp.
“Market sentiment remained cautious, with traders maintaining short-term positions as uncertainty surrounding the US-Iran peace talks continued to weigh on risk appetite,” he added.
The denial re-ignited volatility across global energy markets, sending crude oil prices higher and putting downward pressure on the local currency.
“The local market pulled back amid concerns over the volatile situation between the US and Iran,” said Japhet Tantiangco, research manager at Philstocks Financial Inc.
“This comes as Iran denied that talks with the US for a deal have been ongoing. Iran’s denial also sent global oil prices higher and weakened the local currency,” he noted.
Tantiangco added that market participants adopted a wait-and-see stance ahead of the upcoming official release of July inflation data.
Compounding overseas headwinds, investors weighed domestic policy announcements after the government unveiled plans for a package of new and higher taxes designed to offset tax relief measures previously announced by the administration.
The prospect of an adjusted tax landscape introduced additional uncertainty for corporate earnings outlooks, particularly for sectors directly targeted by the proposed measures.
“The PSEi was slightly lower after the announcement of a proposed package of new and higher taxes to make up for the proposed regulatory relief measures,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.
He noted that the newly proposed levies could temper equity valuations for affected listed entities in the near term.

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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