Defining the News
Local stocks tumbled Monday as the escalating conflict between Israel and Hamas clouded market sentiment.
Two of the 10 most active stocks ended in the green, with Benguet Corp. ‘A’ rising 7.74 percent to P5.01 and Universal Robina Corp. gaining 0.27 percent to P113.50. Israel warned Iran-backed Hezbollah risked dragging Lebanon into the conflict after reporting anti-tank missiles were fired again from the country Sunday.
“Events over the weekend have offered some hope of compromise with the release of two Israeli hostages, and the start of some aid convoys into Gaza, prompting some modest weakness in crude oil and gold prices,” said CMC Markets analyst Michael Hewson.
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The war has forced Israel’s Arab citizens to explain that no, they are not HamasArab citizens and permanent residents in Israel make up just over 20% of the country’s population. The roughly 2 million people are distinct from Palestinians living in the occupied West Bank and Gaza – but they are far from a uniform group.
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