Stocks Tumble on Iran Crisis

The geopolitical crisis unfolding in the Middle East snapped the Philippine Stock Exchange (PSE) index’s hopeful upswing, as an oil price spike threatened economies around the world and wiped out earlier gains.

The Philippine Stock Exchange (PSE) Index, March 2, 2026

With Brent crude rising 10% following the U.S.-Israel attack in Iran and Tehran’s missile retaliation, global stocks wobbled — especially emerging markets such as the PSE, which tumbled 2.79% or 184.41 points to 6,426.83.

All sectors experienced sell-offs except mining and oil, which shone as gold prices climbed 2.3% to $5.30 per ounce.

Apex Mining surged 1.71% to ₱17.80, while Philex Mining gained 1.19% to ₱11.94.

Market losers outnumbered gainers three to one, 159 to 53, as investors rushed to the exits, dragging down top-traded ICTSI, which shed 5.29% to ₱680.

Foreign investors were net sellers of ₱784 million, with total foreign trades reaching ₱10.23 billion as investors engaged in both buying and selling activity.

Total value turnover amounted to ₱9.12 billion, with the services sector posting the steepest loss at 4.11%.

Sell-offs hit all sectors, with Ayala Corp. dropping 6.17% to ₱563 and Cebu Air declining an even steeper 6.73% amid travel concerns stemming from the Middle East bombing runs.