PSEi climbs 2.2% on US-Iran ceasefire optimism
MANILA, Philippines – Philippine stocks rallied on Wednesday, pushing the benchmark index back above the 6,000 level, as easing geopolitical concerns lifted investor sentiment.
The Philippine Stock Exchange Index (PSEi) jumped 2.22 percent or 132.04 points, to close at 6,089.91.
READ: psei-climbs-past-6000-in-early-trade-on-us-iran-truce-boost
Philstocks financial research manager Japhet Tantiangco said the sharp advance came after news of a two-week ceasefire between the United States and Iran buoyed global markets.
Tantiangco said the temporary halt in planned attacks on Iranian infrastructure—brokered with Pakistan’s help—helped calm fears over supply disruptions, particularly in the Strait of Hormuz.
This led to a drop in global oil prices and a stronger peso against the US dollar, both of which supported the local bourse.
Trading activity picked up, with net value turnover reaching P7.25 billion, signaling renewed participation from investors.
Despite the upbeat market, foreign funds remained net sellers, posting net outflows of P437.45 million.
All sectoral indices ended in positive territory, led by mining and oil stocks, which surged 6.86 percent. This reflected improved risk appetite amid stabilizing global conditions.
Market breadth was firmly positive, with advancers beating decliners, 158 to 47.
Among index members, Ayala Land Inc. led the gains, soaring 8.88 percent to P18.40.
Meanwhile, ACEN Corp. was the worst performer, slipping 0.99 percent to P3.00. INQ
