Investors stayed on the sidelines Monday, March 23, amid continued tensions in the Middle East, dragging the Philippine Stock Exchange index (PSEi) below the 6,000 mark, while the peso sank to a fresh record low against the US dollar.
The local bourse’s main index dropped 1.98 percent to 5,899.18 points, while the broader All Shares index declined by 2.04 percent to 3,276.59 points.
All sectoral indices ended in the red, led by Mining and Oil, which plunged 8.71 percent, followed by Holding Firms, down 2.99 percent; Property, 2.98 percent; Financials, 2.50 percent; Industrial, 1.16 percent; and Services, 0.95 percent.
Trading volume reached 1.4 billion shares valued at P8.1 billion. Decliners outnumbered advancers, 167 to 46, while 58 shares were unchanged.
“The local market plunged as the future escalation of tensions between the US and Iran weighed on investors’ sentiment. This comes as the two countries exchanged threats amidst the US’ demand for the complete reopening of the Strait of Hormuz,” Philstocks Financial said in a market report.
Meanwhile, the Philippine peso closed at 60.3 against the US dollar, weakening further from its previous record low of 60.1 last Thursday March 19. There was no trading last Friday, March 20, due to the national holiday for the Muslim feast of Eid al-Fitr.
The peso opened at 60.15 and traded between 60.37 and 60.14 during the session, with an average of 60.26.
Total trading volume reached USD1.65 billion.PNA
