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PSEi slides amid US, Iraq tensions


Philippine share prices retreated on Monday, following the drag in regional markets, amid geopolitical concerns overseas.

The main PSEi shed 41.92 points or 0.53% to close at 7,797.87 while the broader All Shares index lost 22.21 points or 0.48% to 4,633.33.

Regina Capital Development Corp. head of sales Luis Limlingan said Monday's slide were due to geopolitical risks given developments between Iraq and the United States.

"With oil and gold higher on geopolitical risk, and the US manufacturing Institute for Supply Management (ISM) weakest in a decade, it was no surprise that the Philippine shares slid along with other regional markets," he said in a mobile message.

Over the weekend, United States President Donald Trump threatened "major retaliation" should Iran avenge the killing of a key military commander, and warned of economic sanctions against Iraq if the country expels US troops.

Meanwhile, the ISM said its index of national factory activity fell to 47.2 in December, marking a drop from the 48.1 in November and marking the lowest reading since June 2009.

More than 664.036 million shares, valued at P4.104 billion, changed hands. Decliners led advancers, 114 to 80, and 45 issues were unchanged. —LDF, GMA News

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