PSEi edges lower as US, Iran exchange attacks

PHILIPPINE SHARES dropped on Monday as investors chose to stay on the sidelines amid a lack of fresh leads and as they continue to monitor geopolitical developments, BusinessWorld reported.

The Philippine Stock Exchange index (PSEi) dropped by 0.33% or 20.98 points to close at 6,265.72 on Monday. The decline came as tensions between the United States and Iran escalated with reported exchanges of attacks, dampening risk appetite.

The broader all shares index also fell by 0.29% or 8.71 points to settle at 3,421.90. Market participants are expected to remain cautious until clearer signals emerge on the geopolitical front and domestic economic catalysts.