Defining the News
The main composite index of the Philippine Stock Exchange closed lower Friday, falling below the 6,500 level again, on renewed tension between Israel and Iran.
Regina Capital Development Corp. head of sales Luis Limlingan said investor sentiment turned sour in the early trading session on reports that Israel retaliated by carrying out airstrikes against Iran. All major sub-indices ended in the red, led by property , industrial and holdings firms except for the mining and oil index.Meanwhile, oil prices rallied and Asian equities fell Friday as reports said explosions had been heard in Iran and Syria, fueling fears of an escalation of the Middle East crisis after last weekend’s missile attack on Israel by Tehran.
Traders have been on edge since Saturday’s barrage by Iran, which Israel’s army chief General Herzi Halevi warned would be met with a response.
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