PSEi sinks to 5,700 level as MSCI reshuffle spark sell-off

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Local stocks retreated on Friday as investors stayed cautious over developments in the United States-Iran conflict, while a major MSCI index rebalancing fueled heavy trading activity.

The benchmark Philippine Stock Exchange Index (PSEi) fell 1.56 percent or 91.18 points, to close at 5,768.76.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi’s intraday low of 5,766.82 on May 29 marked its weakest level since the Middle East conflict erupted on Feb. 28.

READ: US, Iranian negotiators reach tentative deal to extend ceasefire