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Manila Bulletin devider Business devider The Stock Market devider PSEi drops as Middle East conflict escalates

PSEi drops as Middle East conflict escalates

Published Jun 8, 2026 05:01 pm
The Philippine Stock Exchange index (PSEi) opened the week on a negative note as share prices dropped on Monday, June 8, following an escalation in hostilities in the Middle East.
The main index lost 58.97 points, or 0.99 percent, to close at 5,879.41. Miners led the retreat across the board due to the weaker price of gold.
Volume was also lower at 551 million shares worth ₱6.45 billion. Losers swamped gainers—133 to 53, with 55 unchanged.
“The PSEi closed lower as selling pressure mirrored sharp declines across regional markets. Risk appetite weakened amid heightened geopolitical uncertainty following reports of renewed strikes involving Iran. These developments kept investors defensive, reinforcing a risk-averse market tone,” said Regina Capital Development Corp. managing director Luis Limlingan.
Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market declined as tensions reignite in the Middle East. This comes following the exchange of military strikes between Iran and Israel.”
This also caused global oil prices to rise and the local currency to depreciate during the day.
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the peso hit an intraday low of ₱61.735 to the United States (US) dollar after Philippine gross international reserves (GIR) declined to $104 billion in May, the lowest since January 2025.
He also cited the stronger-than-expected US jobs data that increases the odds of a 0.25-percent US Federal Reserve (Fed) rate hike by the end of 2026.

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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