Phl stocks slump as ME tensions escalate; peso weakens
The market reacted after the US launched a surprise strike on Iran’s nuclear facilities on 21 June 2025, which raised fears of a wider regional conflict.
The market reacted after the US launched a surprise strike on Iran’s nuclear facilities on 21 June 2025, which raised fears of a wider regional conflict.
The Philippine Stock Exchange index (PSEi) closed lower on Monday, falling 121.49 points, or 1.92 percent, to 6,218.28, as heightened geopolitical tensions in the Middle East rattled investor sentiment.
All sectoral indices ended in negative territory, with Mining and Oil leading the losers, dropping 3.48 percent. Services declined by 2.57 percent, while Financials slipped 2.40 percent.
RCBC chief economist Michael Ricafort said the sell-off followed a spike in the US dollar-peso exchange rate, which surged to its highest level in nearly three months, reaching 57.60 — a level last seen on 26 March 2025 — amid growing concerns over US military action in the region
He added that the market reacted after the US launched a surprise strike on Iran’s nuclear facilities on 21 June 2025, which raised fears of a wider regional conflict.
Potential retaliation by Iran
Investors are now closely watching for potential retaliatory action by Iran, he added.
Ricafort also noted that US stock markets ended slightly lower, declining between 0.2 percent and 0.5 percent, pulling back to two-week lows but still near recent record highs.
The peso weakened against the dollar, closing at P56.58 from P56.17 on the previous trading day. The local currency opened at 57.25, with a weighted average of 57.58.
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