Murky Waters Sink Monday’s Market

The continued closure of the Strait of Hormuz weighed on the market Monday as oil prices climbed further.

The Philippine Stock Exchange (PSE) Index, March 16, 2026

The Philippine Stock Exchange (PSE) index sank below 6,000 points during the session but recovered on bargain hunting to close at 6,006.55 points, down by 52.39 points or 0.86 percent.

Only the services sub-index posted a gain as top-traded International Container Terminal Services, Inc. (ICTSI) rose by 1.46 percent to P695.

Mining shares, however, slumped, with the sector posting a hefty loss of 4.58 percent as investors dumped mining stocks.

Foreign investors were again net sellers, unloading P400 million worth of shares. Petron Corporation also fell victim to economic uncertainty surrounding the Iran crisis, closing 0.86 percent lower at P3.47.

Market breadth remained negative, with losers outnumbering gainers three to one, 153 to 53, while 53 shares were unchanged.

Value turnover was 50 percent higher than average as blue-chip stocks were sold off amid fears about oil tanker deliveries.

Market bellwether SM Investments Corporation continued to retreat, closing 0.63 percent lower at P633, while Philex Mining Corporation dropped 7.25 percent to P9.98.

Investors are now closely watching developments in the Strait of Hormuz for signs that tanker deliveries may resume, which could ease market concerns over oil prices that have already risen above $100 per barrel.

Another five days of a closed strait could push oil prices even higher.