The bellwether Philippine Stock Exchange index lost 49.11 points, or 0.78 percent, to close at 6,219.16, while the broader all-shares index dropped 19.61 points, or 0.58 percent, to settle at 3,365.79.
With Israel Prime Minister Benjamin Netanyahu building up a huge force ahead of an expected land incursion into Gaza, Iran has warned of a possible pre-emptive strike and called for an oil embargo against Tel Aviv. Meanwhile, Iran’s Foreign Minister Hossein Amir-Abdollahian called for an “immediate and complete embargo on the Zionist regime by Islamic countries, an oil embargo against the regime”.
CMC Markets’ Michael Hewson added: “In the absence of a positive catalyst in the coming days there is a risk we could start to see further weakness if tensions escalate further.” “A regional crisis appears the most likely outcome, especially with Israel still seemingly committed to a ground offensive to crush Hamas.”