Tracking upbeat regional markets, PSEi gains 0.79%

The local stock barometer firmed up on Thursday as investors welcomed signals of easing US-Iran military conflict.

The main-share Philippine Stock Exchange index (PSEi) recouped 61.4 points or 0.79 percent to close at 7,797.64, tracking mostly upbeat markets across the region.

Investors welcomed signals that both US and Iran both appeared to be keen on opening bilateral discussions to de-escalate military conflict.

In a research note, BPI Asset Management cited that US equities had risen overnight following US President Trump’s statement that Iran “appears to be standing down” after firing missiles at US bases in Iraq. Trump also added that the US was willing to talk to Iran “to make the world a safer and more peaceful place.”

“This quickly eased investors’ worries after Iran’s retaliation attacks,” BPI Asset Management said.

At the local market, domestic investors fueled the day’s upswing as there was P488.29 million worth of continued net foreign selling for the day.

The day’s upswing was led by the mining/oil counter, which rose by 2.06 percent.

The services and property counters both added over 1 percent, while both the financial and holding firm counters slightly gained.

Only the industrial counter ended lower.

Value turnover for the day amounted to P5.55 billion.

There were 108 advancers that edged out 81 decliners, while 43 stocks were unchanged.

The PSEi’s rise was led by Metro Pacific, which surged by 7.04 percent.

Ayala Land and Metrobank rose by over 2 percent, while SM Prime, SM Investments and ICTSI all added over 1 percent.

Ayala Corp., DMCI and Security Bank also firmed up.

Notable gainers outside the index included Cirtek, which surged by 20.2 percent, in relatively heavy volume.

Beleaguered Manila Water rebounded by 3.16 percent.

On the other hand, GT Capital fell by 1.92 percent, while Jollibee and Bloomberry both shed over 1 percent.

URC, BPI and JG Summit also slipped. —Doris Dumlao-Abadilla