PSEi Plunges Over 2% on Monday Opening — Philippine Stock Market Takes a Beating as Middle East War Rattles Investors
The Philippine Stock Exchange index tumbled more than 2.4% in early Monday trading, with the PSEi dropping 159.78 points to 6,451.46 as of 9:32 AM — well below the 6,500-6,600 range that analysts had been expecting. Heavy selling swept across the broader market as investors reacted to the escalating US-Iran conflict.
The sell-off was broad-based, with all major sectoral indices in the red. The damage came after global markets opened to spiking oil prices — Brent crude jumped 9% to $79.41 per barrel — and news that tanker traffic through the Strait of Hormuz had effectively ground to a halt.
The PSEi had closed at 6,611.24 on Friday, already down slightly. Analysts from First Metro Investment Corp. had expected the index to stay within 6,500-6,600, but the sheer scale of the weekend's military operations — including the death of Iran's Supreme Leader Khamenei — pushed markets well below those projections.
Asian markets were hit across the board. India's Sensex crashed over 2,700 points (3.34%) at the opening bell before paring losses. The global flight to safe-haven assets like gold and the US dollar has put pressure on emerging market currencies and equities alike.
For Filipino investors, the question now is whether this is a temporary panic sell-off or the start of a prolonged downturn. If the Middle East conflict escalates further and oil prices continue climbing, the PSEi could test even lower support levels — potentially breaking below 6,400 for the first time since early 2025.
Source: Inquirer
