Manila: The Philippine Stock Exchange index (PSEi) and the Philippine peso both fell Monday amid the ongoing Middle East conflict involving the U.S., Israel, and Iran. The benchmark index dropped 2.79 percent to 6,426.83, while the broader All Shares index declined 2.02 percent to 3,567.86.
According to Philippines News Agency, most sectoral indices closed in the red, led by Services, which was down 4.11 percent. Holding Firms fell 2.74 percent; Industrial, 2.33 percent; Financials, 1.78 percent; and Property, 0.83 percent. Only Mining and Oil gained, increasing by 0.10 percent.
Total volume reached 1.19 billion shares valued at PHP9.12 billion. Decliners outnumbered advancers, 159 to 53, with 52 unchanged. Luis Limlingan, head of sales at Regina Capital Development Corporation, noted that the local index closed sharply lower as the escalating global conflict triggered a broad-based sell-off across sectors, dampening overall market sentiment.
Limlingan also highlighted that the peso's renewed depreciation, slipping back to 58 per USD, further weighed on investor confidence and added to downside pressure. Risk-off sentiment prevailed throughout the session, with investors trimming exposure amid heightened geopolitical uncertainty. Some investors rotated into commodity-backed assets, such as gold and oil, traditionally viewed as defensive hedges during market stress.
The peso closed at 58.2 to the dollar, weaker than Friday's 57.66. It opened at 57.85, down from 57.7 previously, and hit an intraday low of 58.2. The day's average stood at 58.09. Dollar volume rose to USD2.24 billion from USD1.5 billion last Friday.
