Share prices advance as Middle East tensions ease
MANILA, Philippines — The stock market perked up yesterday, sending the benchmark Philippine Stock Exchange index 61.40 points higher at 7,797.64.
Likewise, the broader All Shares index rose 17.25 points, or 0.37 percent, to finish at 4,612.83.
Most indexes ended in positive territory except for the industrial gauge which declined by 0.22 percent.
Total value turnover reached P5.552 billion. Market breadth was positive, 108 gainers versus 81 losers while 43 issues were left unchanged.
“Faster bank lending and liquidity growth together with easing US-Iran tensions sent the local market higher by 61.40 points or 0.79 percent at 7,797.64. Volume and value turnover posted 844 million and P5.5 billion, respectively,” Philstocks Financials said.
Elsewhere in the region, Asian markets bounced back following the easing of the Middle East tensions.
US and Iran are seemingly defusing tensions after geopolitical tensions escalated last week as a result of a US airstrike in Baghdad.
President Donald Trump said Iran was “standing down” after the rocket attacks that left no casualties.
Likewise, Iran said the attacks “concluded” its response to the US airstrike in Baghdad which killed its top military general Qasem Soleimani.
Investors have feared that a war between US and Iran would destabilize the oil market among others.
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