Trading remains on downward bias

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March 9, 2026 | 12:00am

MANILA, Philippines — Cautious trading is expected to prevail this week, with the local stock market seen dropping further amid concerns over the ongoing conflict in the Middle East.

The Philippine Stock Exchange index finished in negative territory last Friday at 6,320.41, down by 4.4 percent week-on-week, with investors turning cautious amid weaker global sentiment.

Unicapital Securities head of research Wendy Estacio-Cruz said the mood has been tempered by lingering geopolitical concerns, particularly the ongoing tensions between the US and Iran, which have heightened uncertainty in global markets and prompted a more risk-off stance among investors.

“In our view, sentiment may remain cautious in the near term as investors continue to monitor global developments and assess their potential impact on inflation, energy prices and overall market risk appetite,” she said.

First Metro Investment Corp. head of research Cristina Ulang expects a selldown this week due to the escalating war.

She said this would be met with intermittent bargain hunting so the market would still remain supported above 6,000.

“We expect the market to head lower toward the 6,000 level, with volatility likely to remain elevated amid investor caution over soaring oil prices and their implications for inflation,” AP Securities Inc. equity research analyst Shawn Ray Atienza said separately.

For Philstocks Financial research manager Japhet Tantiangco, the local market is seen to be at attractive levels at its current position.

He said the local market is trading with a price-to-earnings ratio of 10.6x as of Friday’s closing, below the historical average of 14.4x.

“This week, the local market could move sideways. We may see some bargain hunting following last week’s steep decline,” Tantiangco said.

“However, a strong rally is not yet expected as worries over rising oil prices amid the Middle East conflict may continue to dampen sentiment. Investors are expected to watch out for the government’s policy measures to mitigate the economic effects of the rising oil prices,” he said.

Tantiangco said the local bourse is now seen back to its 6,150 to 6,400 trading range.