PSEi Extends Slide as Middle East Tensions Weigh on Market

Philippine stocks continued their downward trend on Monday as escalating tensions in the Middle East and rising local treasury yields kept investors cautious.

The Philippine Stock Exchange Index (PSEi) shed 0.21% or 12.12 points to close at 5,843.79.

Japhet Tantiangco, research manager at Philstocks Financial Inc., attributed the market's decline to fresh developments in the Middle East, including the Houthis' attack on Saudi Arabia and an exchange of threats between the United States and Iran.

Elevated global oil prices and the peso's lingering weakness also contributed to the market's subdued sentiment, said Luis Limlingan, head of sales at Regina Capital Corp.