ICTSI Lifts PSE Index as Profit-Taking Drags Broader Market

Global port operator ICTSI single-handedly lifted the Philippine Stock Exchange (PSE) index to 5,953.17 points, up 40.48 points or 0.68%, as the broader market turned volatile and succumbed to profit-taking after briefly climbing above the psychological 6,000-point level.

The Philippine Stock Exchange (PSE) Index, June 3, 2026

Economic uncertainty stemming from the Iran crisis, which analysts believe could further strain the country’s financial position, weighed on investor sentiment.

All sectors except services posted losses as investors locked in gains after the benchmark index reached an intraday high of 6,037 points.

ICTSI surged after disclosing its acquisition of a 100% stake in a general and bonded warehouse in São Paulo, Brazil. The company’s shares climbed to as high as P892 during trading, fell to a low of P832, and eventually closed at P875, up 5.42%.

Most blue-chip stocks initially advanced amid reports of a possible peace agreement between the United States and Iran, but many later pared gains and settled lower.

Defensive stock Meralco, for instance, dropped 1.70% to P575 after touching an intraday high of P590.

Market bellwether SM Investments rose to as high as P602.50 but closed at its session low of P584, down 1.85%, despite an ongoing share buyback program.

Investors remained cautious over market fundamentals as economists projected inflation could rise to 7.9% and the peso weaken beyond P62 against the U.S. dollar.

Early optimism fueled by reports that Iran may halt efforts to pursue a nuclear weapons program gave way to concerns over slowing domestic economic growth, with analysts warning that the Iran crisis could weigh on the country’s gross domestic product (GDP).

Market enthusiasm was further tempered by concerns over supply inventories, as businesses approach the end of their usual three-month stock cycle, potentially triggering price increases across multiple sectors.

Among sectoral indices, holding firms fell 1.15%, industrials dropped 1.18%, financials declined 0.36%, mining and oil slipped 0.69%, and property eased 0.41%.

Value turnover rose by one-third to P8.02 billion, while market breadth remained negative, with 103 losers against 75 gainers and 56 unchanged issues.

Foreign investors were net buyers by P53 million, with foreign buying amounting to P4.715 billion and foreign selling reaching P4.662 billion.

Market analysts expect the market to remain neutral with a downside bias as broader economic concerns continue to unfold.

Investor sentiment is also being weighed down by political uncertainty, including an ongoing Senate impasse that has delayed legislation aimed at shielding the economy from the potential fallout of the Iran crisis.