Philippine property stocks fall as PSEi slides on Middle East conflict, weak peso
Philippine shares closed lower on Tuesday, with the PSEi dropping 0.98%, as the unresolved Middle East conflict and a weakening peso weighed on sentiment. The property sub-index fell 0.26%, while Ayala Land bucked the trend with a 3.95% gain.
Philippine shares closed lower on Tuesday, with the PSEi falling 0.98% or 61.15 points to 6,190.23, as the lack of a resolution to the Middle East conflict and a weak peso continued to drag sentiment. The broader all shares index slipped 0.65% or 22.45 points to end at 3,412.44.
“The local market fell as investors sold off amid the lack of a positive catalyst. Concerns over the US-Iran situation, which is now turning into an economic warfare, with Iran’s trading partners possibly getting hit by the US’ latest campaign, is also weighing on sentiment,” said Japhet Louis O. Tantiangco, research manager at Philstocks Financial.
The property sub-index retreated by 0.26% or 4.91 points to 1,898.16. Among property-related stocks, Ayala Land rose 3.95% to P15.80, bucking the broader decline, while RL Commercial REIT fell 4% to P7.20, making it the main index laggard.
“The PSEi was broadly weak, with 21 index names closing in the red while only six managed to post gains. Investors likely remained cautious amid persistent weakness in the local currency and heightened geopolitical concerns following reports of additional US financial sanctions on Iran,” said Denise Joaquin, research analyst at COL Financial Group.
All sectoral indices finished in the red. Services slid 1.65% to 3,324.55, holding firms fell 1.05% to 4,435.46, mining and oil dropped 0.77% to 19,810.63, financials declined 0.65% to 1,924.63, and industrial edged down 0.06% to 8,150.98. Decliners outnumbered advancers 108 to 77, with 66 names unchanged.
Value turnover rose to P5.27 billion on Tuesday with 800.44 million shares traded, up from P4.97 billion with 1.25 billion shares on Monday. Net foreign selling increased to P542.12 million from P82.3 million.
