PSEi dips on profit-taking, US-Iran tensions, domestic economic woes

MANILA, Philippines — Investors yesterday returned to selling off their shares for quick gains, as they wanted no part in the uncertainties clouding peace negotiations between the United States and Iran. The benchmark Philippine Stock Exchange index (PSEi) slipped by 0.6 percent or 38.08 points to close at 6,296.64, with investors locking in profits from the previous session’s gains. The broader All Shares index also lost 0.43 percent or 14.81 points to settle at 3,415.35. Regina Capital Development Corp. head of sales Luis Limlingan said investors were spooked by Washington’s blockade of Iranian ports. This triggered Iran to issue a warning that US vessels would face serious risks if they continue the blockade. “Market sentiment remained cautious. Traders maintained short-term positions, as uncertainties surrounding the US-Iran peace talks continued to weigh on their risk appetite,” Limlingan said. “As a result, the PSEi consolidated around the 6,300 level amid the continued profit taking and the subdued buying interest,” he added. RCBC chief economist Michael Ricafort said the PSEi corrected slightly lower after the World Bank slashed the country’s economic growth projections for 2026 and for 2027. Ricafort also said that the proposed package on new and higher taxes make up for the proposed regulatory relief measures could partly weigh on the valuations of some affected listed companies. All in all, the PSEi saw P4.54 billion worth of shares change hands, as losers beat the winners, 102 to 84, while 54 issues were unchanged. Logistics giant ICTSI was the most actively traded stock, seeing its share price go down by 0.2 percent to P1,003 apiece.