User blog comment:Geekboy27/All-Out Mythical War Tourney round 1: Xengrond vs Eilios/@comment-5232784-20130611234619/@comment-5232784-20130613223008

Not according to what is written; it states as follows:

"Special weapon: Magic Shield (Nullifies the damage recieved by magic attacks. Magic attacks will still damage him, but significantly less than normally)."

It mentions that the shield nullifies magic attacks, not physical strikes or both.