Local bourse drops 13.89 pts. amid Mideast conflict

The local stock index on Thursday shed by 13.89 points, or 0.19 percent, to close at 7,388.92.

Sectors were equally split, with Mining and Oil as the biggest gainers, strengthening by 2.57 percent, followed by Industrials and Financials up by 0.38 percent and 0.24 percent, respectively.

Services led the red territory, declining by 0.34 percent.

Nickel Asia Corporation remained as the top index gainer, up 5.97 percent to P4.08, while JG Summit Holdings Inc. was at the bottom, declining 2.68 percent to P27.20.

Regina Capital Development Corp. head of sales Luis Limlingan linked the bourse performance to the rising Middle East tensions, following Iran’s missile attack on Israel.

“Investors are bracing for more uncertainty as Israel starts a ground operation in Lebanon and tensions escalate with Hezbollah. However, ADP data showed stronger-than-expected private payroll growth in September, ahead of Friday's key nonfarm payroll report, which could influence the Fed's upcoming rate decision,” he said in a Viber message.

The stock analyst added that easing inflation expectations and strong manufacturing growth kept the local market from drifting lower.

Value turnover was P7.074 billion. Advancers outweighed Decliners at 125 to 83, while 49 names were unchanged.

BDO Unibank Inc. was the most actively traded stock at P1,024,591,350, down by 2.43 percent, followed by Bank of the Philippine Islands at P895,088,343, up by 1.02 percent.

The peso closed weaker at P56.37 from P56.187 the previous day.

It opened at 56.3 and traded between 56.17 and 56.4. The weighted average was 56.265.