The Philippine Stock Exchange index dropped 67.51 points, or 1.08 percent, to close at 6,198.83 Monday, while the broader all-share index declined 24.67 points, or 0.73 percent, to settle at 3,359.90.
After a week-long bombing campaign, Israel has amassed a huge army on the border with Gaza for what is expected to be a ground incursion aimed at flushing out militants after surprise attacks on October 7 that left hundreds dead. Reports said he was considering a trip to Israel after being invited during a call with Israeli Prime Minister Benjamin Netanyahu, while Secretary of State Antony Blinken is set to return Monday for his second visit since the Hamas attacks.
“The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.” Asia was in the red, with Tokyo off two percent, while there were also steep losses in Hong Kong, Shanghai, Singapore, Seoul, Taipei, Bangkok, Wellington, Jakarta and Manila.“As a result of this continuing uncertainty and the war of words being played out in plain sight it’s hard to see much in the way of upside for stock markets unless there is a dialing back in the tension which is currently convulsing the region,” said Michael Hewson at CMC Markets.