PSE Index Drops 1.26% as Oil Surge Sparks Market Sell-Off

The Philippine Stock Exchange (PSE) index plunged on Thursday, falling 74.25 points or 1.26% to close at 5,833.64, as a sharp rise in oil prices dampened market sentiment.

The Philippine Stock Exchange (PSE) Index, April 30, 2026

Oil prices jumped about 7% to around $126 per barrel, shaking investor optimism from the previous session and sending the market’s most active stocks into the red.

The surge in oil prices was driven by renewed fears of escalating tensions in the Middle East, including reports of potential military actions involving the United States and Iran, which heightened uncertainty in global energy markets.

Market bellwether SM Investments Corporation dropped 2.26% to ₱606, reflecting broader investor concerns over the potential economic impact of prolonged geopolitical tensions.

Market breadth turned negative, with 113 decliners against 74 advancers.

Net foreign selling reached ₱538 million, with foreign buying at ₱4.7 billion versus ₱5.23 billion in selling.

The decline highlights the fragility of investor sentiment amid volatility linked to the Strait of Hormuz, a critical route for global oil supply.

Value turnover reached ₱7.65 billion, roughly 25% higher than average, as investors moved to reduce exposure amid rising uncertainty.