Stocks pull back as oil prices soar

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March 13, 2026 | 12:00am

MANILA, Philippines — The local stock market slipped back into the negative territory yesterday amid renewed concerns on soaring oil prices due to tensions in the Middle East.

The bellwether Philippine Stock Exchange index (PSEi) declined by 0.73 percent or 44.75 points to end the session at 6,113.58.

The broader All Shares index likewise slipped by 0.66 percent or 22.63 points, settling at 3,405.40.

Philstocks Financial research manager Japhet Tantiangco said the local market pulled back as worries over the Middle East conflict and its impact on oil prices dominated sentiment again.

“This comes after Iran warned of oil hitting $200 per barrel amid its war with the US,” Tantiangco said.

“The PSEi corrected slightly lower after global crude oil prices went up to among the highest in more than two years or since October 2023 amid risk on global oil supply chains despite plans for record use of oil reserves, as higher global crude oil prices could lead to higher inflation and slower economic growth,“ RCBC chief economist Michael Ricafort said.

All sectoral gauges were in the red, except for holding firms which picked up gains of 1.33 percent.

Services posted the biggest loss at 3.28 percent, followed by mining and oil, which fell by 2.27 percent.

Trading was robust as total turnover value improved to P8.37 billion from P7.95 billion the previous day.

Decliners squashed advancers, 125 to 60, while 65 issues were unchanged.

ICTSI remained the top traded stock, shedding 4.79 percent to P695 per share, followed by URC which climbed by 1.02 percent to P69.60 and Metrobank which inched down by 0.07 percent to P68.95.