Stocks, peso slide on Middle East conflict

The 30-company Philippine Stock Exchange index lost 7.79 points, or 0.12 percent, to close a 6,252.16, while the broader all-shares inched up by 0.78 points, or 0.02 percent, to 3,380.05.

“The index slipped and value turnover fell as investors reacted to the armed conflict between Israel and Hamas that threatens to destabilize the Middle East,” China Bank Corp managing director Juan Paolo Colet said. Colet said investors opted to stay on the sidelines as they adopted a wait-and-see stance while the situation unfolds.Sumitomo Mitsui Banking Corp. said the new geopolitical risk emerging in the Middle East would weigh on Asian currencies this week.

“If oil prices surge, PHP , THB , and INR would fall as the countries are oil importers, but the authorities already indicated that they would intervene in the FX market if needed. JPY is also in focus as Japan is also an oil importer, and USD/JPY may test the 150 mark again this week,” the Japanese bank said.GCash users complained of limited access to the electronic wallet for several hours Monday. GCash, the mobile wallet of Globe...The Bureau of Internal Revenue Commissioner Romeo D.

Manila Standard website , launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry.

Source: News Formal (newsformal.com)

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