Stocks tumble as US attacks Iran nuclear sites

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June 24, 2025 | 12:00am

MANILA, Philippines — Local stocks fell sharply as the United States’ attack on Iran over the weekend rattled investors.

The benchmark Philippine Stock Exchange index (PSEi) opened the week in negative territory, plummeting by 1.92 percent or 121.49 points to 6,218.28.

The broader All Shares index likewise nosedived by 1.44 percent or 54 points to settle at 3,706.56.

AP Securities said that the local stock market slumped amidst oil supply shock jitters after the US conducted air strikes on Iranian nuclear enrichment facilities over the weekend.

“The PSEi was lower for the third day in four trading days, to close at new lows in nearly two months or since April 24, 2025 after the US surprisingly attacked Iran’s nuclear facility last Saturday that could lead to potential escalation of the Israel-Iran war, as the markets await a possible retaliation by Iran,” RCBC chief economist Michael Ricafort said.

All local counters closed the session in the red, with heavy beatings suffered by the mining and oil index which plunged by 3.48 percent and services which dropped by 2.56 percent.

Total value turnover amounted to P6.29 billion. Foreigners were net buyers with net inflows at P108.27 million.

Decliners battered advancers, 142 to 60, while 44 issues were unchanged.

DigiPlus was yesterday’s top traded stock, shedding by 7.59 percent to P53 per share, followed by Bloomberry Resorts and ICTSI which fell by 2.62 percent and 2.44 percent, respectively, to P5.20 and P415.60.

Meralco led the only three index members which finished the session with gains, increasing by 0.83 percent to P546.