PSEi sinks to 6,300 range, joins Asia stock rout

PHILIPPINE SHARES sank on Wednesday to pull the main gauge back to the 6,300 level, joining a regional rout, on heightened inflation concerns as the ongoing conflict in the Middle East continued to drive up oil prices.

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The Philippine Stock Exchange index (PSEi) decreased by 2.13% or 137.54 points to close at 6,307.84, while the broader all shares index went down by 2.02% or 72.09 points to end at 3,485.62.

This was the PSEi’s lowest finish in a month or since it closed at 6,297.08 on Feb. 2.

“The market sank as the Iran war continued, pushing more investors to the sidelines as worries that rising oil prices could accelerate inflation heighten,” AP Securities, Inc, said in a market note.

“The local bourse declined again after a day of relief as the conflict in the Middle East weighed on sentiment,” Philstocks Financial, Inc, Research Manager Japhet Louis 0, Tantiangco said in a Viber message.