The Daily Tribune
Phl stocks slump as ME tensions escalate; peso weakens
The Philippine Stock Exchange index (PSEi) fell by 1.92 percent, closing at 6,218.28 points on Monday, amid escalating geopolitical tensions in the Middle East.
All sectoral indices experienced declines, with Mining and Oil seeing the steepest drop at 3.48 percent.
The peso weakened against the US dollar, finishing at 57.58 from last week's 57.17 closing, reaching its highest level in nearly three months.
This market downturn is attributed to the US launching a surprise strike on Iran's nuclear facilities on June 21, 2025, which raised fears of a wider regional conflict.
Investors are closely monitoring the situation for potential Iranian retaliatory actions.
US stock markets also saw slight declines, pulling back to two-week lows.
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