Stocks tumble as US targets Iran with new sanctions
Increasing uncertainty over the situation in the Middle East and investors maintaining their defensive stance ahead of this week’s Bangko Sentral ng Pilipinas policy meeting dragged the local stock market to a negative finish yesterday.
The Philippine stock market took a significant downturn on Tuesday, as investors reacted to mounting concerns over the escalating US-Iran conflict and the impending rate hike by the country's central bank. The benchmark Philippine Stock Exchange index (PSEi) fell by 0.98 percent, or 61.15 points, to close at 6,190.23, while the broader All Shares index dropped by 0.65 percent, or 22.45 points, settling at 3,412.44.
Analysts pointed to the lack of a positive catalyst and concerns over the US Treasury Secretary's threat of economic punishment against countries doing business with Iran as key factors behind the market's negative turn.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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