Stocks fall amid worries over Middle East conflict

Stocks fell Thursday over mounting worries over the Middle East conflict and the rise in US Treasury yields.

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.

Regina Capital Development Corp. head of sales Luis Limlingan said local shares were sold down on rising 10-year Treasury yields.

Limlingan said the upcoming speech of Federal Reserve Chair Jerome Powell at the Economic Club also kept investors on edge as the market wait for clues on where the US rate policy is heading.