Philippine stocks tumbled Monday as the escalating conflict between Israel and Hamas clouded market sentiment.
The 30-company Philippine Stock Exchange index lost 54.46 points, or 0.89 percent, to close at 6,088.44, while the broader all-shares index dropped 26.36 points, or 0.79 percent, to settle at 3,303.06.
Philstocks Financial Inc. research analyst Claire Alviar said investors were concerned about the escalating conflict in the Middle East.
Alviar said adding to investors worries is the possibility of prolonged high interest rates here and in the US.
Value turnover was thin at P3.3 billion, as many investors opted to stay on the sidelines. Losers outnumbered gainers, 123 to 50, while 55 issues were unchanged.
Two of the 10 most active stocks ended in the green, with Benguet Corp. ‘A’ rising 7.74 percent to P5.01 and Universal Robina Corp. gaining 0.27 percent to P113.50.