MIDEAST CONFLICT. The armed conflict between Israel and the militant Hamas increased investors’ concerns, resulting in the negative close of the local bourse’s main index on Monday (Oct. 9, 2023). The peso also weakened against the US dollar. (PNA graphics)
MANILA – The local bourse’s main index ended Monday in the negative territory while the peso shed against the United States dollar as investors stayed on the sidelines given the ongoing armed conflict between Israel and the Palestinian Sunni-Islamic militant Hamas.
The Philippine Stock Exchange index (PSEi) shed 0.12 percent, or 7.79 points, to 6,252.16 points.
All Shares was little changed after it rose by 0.02 percent, or 0.78 points, to 3,380.05 points.
Most of the sectoral gauges rose, led by Mining and Oil after it increased by 0.92 percent.
It was trailed by Services, 0.41 percent; Industrial, 0.32 percent; and Property, 0.14 percent.
On the other hand, Financials shed by 0.86 percent and Holding Firms by 0.25 percent.
Volume reached 771.49 million shares amounting to PHP5.71 billion.
Advancers led decliners at 94 to 86, while 56 shares were unchanged.
“The index slipped and value turn-over fell as investors reacted to the armed conflict between Israel and Hamas that threatens to destabilize the Middle East,” China Bank Capital Corp. managing director Juan Paolo Colet said.
“Many market participants opted to stay on the sidelines as they adopted a wait-and-see stance while the situation unfolds,” he added.
Meanwhile, the peso ended the day at 56.95 against the greenback from 56.62 last Friday.
It opened the day at 56.75, down from its 56.64 start in the previous session.
It traded between 56.75 and 56.98, resulting in an average of 56.876.
Volume rose to USD1.25 billion from the previous session’s USD1.08 billion.
The armed conflict started last Saturday when rockets from Gaza hit several Israeli towns near the border of Gaza Strip. Members of the militant group entered the southern part of Israel by sea, land and air, killing many people and abducting even the civilians. (PNA)
