Commodities
PSEi Slides as Middle East Tensions Escalate and Oil Prices Soar
The Philippine Stock Exchange Index (PSEi) dropped by 0.21% on Monday, closing at 5,843.79 due to concerns over escalating tensions in the Middle East and high oil prices.
Japhet Tantiangco, research manager at Philstocks Financial Inc., attributed the market's decline to fresh developments in the region, including the Houthis' attack on Saudi Arabia and an exchange of threats between the US and Iran.
Elevated global oil prices, rising local treasury yields, and a weak peso also contributed to the decline, said Luis Limlingan, head of sales at Regina Capital Corp.