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MANILA, Philippines – Philippine stocks retreated on Thursday as investors locked in gains following a three-day rally, while renewed tensions between the United States and Iran dampened risk appetite and revived concerns over oil prices.
The benchmark Philippine Stock Exchange Index (PSEi) fell 0.69 percent or 41.24 points, to close at 5,911.93. The broader all shares index also slipped as most sectors ended in negative territory.
Brokerage Philstocks Financial Inc. said sentiment weakened after reports that Israel and the US were prepared to launch further strikes against Iran if necessary, following Tehran’s latest attacks.
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