MANILA, Philippines – Philippine shares dropped sharply on Monday as escalating tensions between Israel and Iran rattled global markets, while the peso also weakened against the US dollar.

The Philippine Stock Exchange index (PSEi) fell by 1.92 percent, closing at 6,218.28, while the broader All Shares index declined by 1.44 percent to 3,706.56.

“Philippine shares were sold down on Monday back to the 6,200 level, tracking a broader market as Middle East tension continues with President Donald Trump further fueling tension as the US enters the war,” said Luis Limlingan, head of sales at Regina Capital Development Corp.

All sectoral indices ended in the red, with Mining and Oil posting the largest drop at 3.48 percent. Decliners outnumbered advancers, 142 to 60.

Limlingan said upcoming economic reports—including May trade data, second-quarter consumer confidence, and Thursday’s budget balance figures—will be key indicators for assessing the country’s economic momentum and fiscal health.

Meanwhile, the peso closed weaker at 57.58 against the US dollar, compared to 57.17 last Friday. It opened at 57.25 and ranged between 57.25 and 57.66 throughout the day. The weighted average stood at 57.58.

Dollar trading volume also fell to USD 1.28 billion, down from USD 1.77 billion in the previous session. (Info courtesy of PNA)