PSEi extends decline as oil price soars

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September 30, 2026 | 12:00am

MANILA, Philippines — The local stock market tumbled for a second straight day as elevated crude prices continued to dampen investor sentiment.

The bellwether Philippine Stock Exchange index (PSEi) slipped by 0.87 percent or 50.47 points to cap off yesterday’s session at 5,738.40.

The broader All Shares index also finished in the negative territory, dropping by 0.62 percent or 19.89 points to 3,202.83.

RCBC chief economist Michael Ricafort said yesterday’s market decline came amid higher global crude oil prices and elevated US Treasury yields, which partly weighed on US stock markets.

“The local market went for another decline, taking cues from Wall Street’s negative performance overnight, driven by the rise in US Treasury yields,” Philstocks Financial Inc. said in its report.

Philstocks Financial said uncertainties between the US and Iran, as well as its impact on the global oil market further weighed on market sentiment.

All sectors were in the red, with the industrial index recording the biggest loss at 1.2 percent, followed by services, which declined by 1.18 percent.

Total turnover value improved slightly to P5.39 billion from the previous day’s P5.19 billion. Foreigners were net sellers, with net outflows at P973.48 million.

Market breadth remained negative as decliners squashed advancers, 112 to 72, while 52 issues were unchanged.

ICTSI was the most actively traded stock, shedding 1.46 percent to P909 per share. It was followed by Ayala Corp., which jumped by 1.49 percent to P490, and Meralco, which fell by 4.09 percent to P417.20.

Asian stocks mostly fell and oil prices extended gains yesterday as hopes for a reopening of the Strait of Hormuz fade amid expectations the US Federal Reserve will hike interest rates again next month.

Hopes for an easing of Middle East tensions were dashed at the weekend when US President Donald Trump rejected Iran’s offer for a seven-day truce.