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Stocks plunge after U.S., Iran exchange strikes | Daily Tribune

Stocks plunge after U.S., Iran exchange strikes

Amid the renewed uncertainty, trading activity remained subdued, with net value turnover at P4.76 billion.

Toby Magsaysay·29 May 2026, 4:39 am·1 MIN READ

Stocks plunge after U.S., Iran exchange strikes — BAD hair day Unease grips the floor of the New York Stock Exchange as traders grapple with a jarring shift in market sentiment, the probability of a US Federal Reserves rate hike surging from near zero just a month ago to over 45 percent, while retail long positioning on the Dow collapsed from 61 percent to 30 percent in just two weeks, deepening fears of a painful correction ahead.
Spencer Platt/Agence France-Presse

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The bellwether index nosedived on Thursday, plunging 1.73 percent to 5,859.94, while the peso weakened modestly to P61.59 from Wednesday’s P61.56 close after the latest military exchange between the United States (US) and Iran dampened hopes for a near-term diplomatic settlement.

Markets reopened after the Eid al-Adha holiday to reports of retaliatory strikes between US and Iranian forces, testing the already fragile ceasefire agreement and undermining optimism earlier this week that a peace deal was imminent.

Equity investors reacted cautiously to the renewed tensions and the latest spike in global oil prices, as markets priced in potential persistent supply disruptions in the Middle East. Higher oil prices and inflationary pressures threaten corporate profitability, while a prolonged conflict could weaken broader economic growth.

Amid the renewed uncertainty, trading activity remained subdued, with net value turnover at P4.76 billion. Foreign investors also remained net sellers, posting outflows totaling P517.08 million.

All sectoral indices closed lower, led by the conglomerates index, which declined 2.62 percent. Only three PSEi members finished in positive territory. GT Capital Holdings Inc. (PSE: GTCAP) posted the strongest gain, rising 0.67 percent to P478.20, while DigiPlus Interactive Corp. (PSE: PLUS) emerged as the session’s worst performer, plunging 6.46 percent to P11.00.

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Peso closes 61.55 per $1

In the currency market, the peso closed at P61.595 per US dollar after trading between P61.55 and P61.71 intraday, according to data from the Bankers Association of the Philippines. The US dollar strengthened broadly across Asian markets amid renewed safe-haven demand following the latest strikes.

However, the peso posted a relatively milder decline compared with the local bourse. Although global oil prices remained elevated, Brent crude did not breach the $100-per-barrel level, with forex traders interpreting the latest developments as serious yet still contained, particularly as Washington continued to signal that further escalation was not its preferred outcome.

Regional currencies also weakened against the dollar, with the Japanese yen sliding toward 159.8 yen per dollar from around 159.2 previously, the Indian rupee weakening to near 95.7 rupee per dollar from roughly 95.4, and the Indonesian rupiah softened toward 17,000 rupiah per dollar from about 16,900.

Rising oil prices continued to pressure oil-importing economies such as the Philippines by worsening inflation and trade-balance concerns.

Also read

Stocks nosedive after US, Iran exchange strikes

The Philippine Stock Exchange Index (PSEi) nosedived on Thursday, plunging 1.73 percent to 5,859.94, while the peso weakened modestly to…

Toby Magsaysay·28 May 2026