Shares slump as Middle East tensions weigh on sentiment

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March 17, 2026 | 12:00am

MANILA, Philippines — The local stock market opened a shortened trading week just slightly above the 6,000 mark, with investors staying on the sidelines as soaring oil prices and Middle East tensions continued to weigh on sentiment.

The benchmark Philippine Stock Exchange index declined for third straight session, finishing 0.86 percent or 52.39 points lower to 6,006.55.

The broader All Shares index also fell by 1.2 percent or 40.42 points to settle at 3,341.69.

“The local market extended its decline to a third straight day as investors continue to worry over the war at the Middle East and its local economic repercussions,” Philstocks Financial research manager Japhet Tantiangco said.

“These include the rise in fuel and energy prices, and the further depreciation of the peso, all of which point to a higher inflation rate in the near future,” Tantiangco added.

All sectoral gauges were in the red, except for services, which inched up by 0.17 percent.

Mining and oil lost the most with a 4.58-percent drop, followed by industrial, which tumbled by 2.57 percent.

Trading was robust to kick off the week as total turnover value reached P9.53 billion. Market breadth was negative as decliners pummeled advancers, 153 to 53, while 53 stocks did not change hands.

ICTSI was the session’s top traded stock, bucking the downtrend with a 1.46-percent increase to P695 per share, followed by Jollibee and BPI which shed 4.42 percent and 0.25 percent, respectively, to P181.60 and P99.75.

The Philippine Stock Exchange Inc. has announced that there will be no trading on Friday in observance of Eid’l Fitr (Feast of Ramadan).