Stocks slip as tensions in Middle East reignite

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June 11, 2026 | 12:00am

MANILA, Philippines — The local stock market took a slight dip yesterday as cautious sentiment prevailed amid heightened tensions in the Middle East.

The bellwether Philippine Stock Exchange index (PSEi) slipped by 0.07 percent or 4.35 points to close at 5.941.36, while the broader All Shares index declined by 0.62 percent or 20.77 points to 3,304.51.

“The local market closed in the negative territory amid reigniting tensions in the Middle East. The US launched strikes against Iran as the latter allegedly downed a US Army helicopter patrolling the Strait of Hormuz. Iran in response attacked certain Gulf countries,” Philstocks Financial research manager Japhet Tantiangco said.

Sectors were dominated by those in the red, led by mining and oil which plunged by 5.89 percent. The services index, meanwhile, registered a 1.45-percent jump.

Decliners squashed advancers, 133 to 49, while 57 issues were unchanged.

Total turnover value stood at P7.22 billion, down from the previous day’s P9.33 billion.

ICTSI was the session’s top traded stock, rising by 2.53 percent to P892 per share, followed by Ayala Corp. and PLDT, which shed by 4.94 percent and 4.57 percent, respectively, to P385 and P1,085.

Meanwhile, First Metro Securities in a report downgraded Ayala Land Inc. (ALI) to “hold” from “buy” while also cutting its target price to P15.50 from P28.

ALI shares closed at P13.20 yesterday, down by 0.6 percent.

Among the reasons cited for the downgrade is that ALI’s bread-and-butter business continues to underperform, with the pause of Laurean and cancellation of Katipunan Heights raising concerns over execution and pipeline visibility.

First Metro said demand is likely to stay subdued in the next 12 to 24 months.

Despite management’s pivot toward leasing, First Metro also sees limited upside from retail, until key renovations and expansions ramp up, as well as continued structural headwinds in offices collectively weighing on ALI’s near-term earnings outlook.