US, Iran talks lift PSEi for 2nd straight day

MANILA, Philippines — Bargain-hunting activities lifted the local stock market for the second straight day yesterday amid the ongoing talks between the United States and Iran.

The benchmark Philippine Stock Exchange index (PSEi) climbed by 1.82 percent or 107.97 points, ending yesterday’s session at 6,044.17.

The broader All Shares index also posted significant gains of 1.85 percent or 60.93 points to close at 3,356.16.

“Bargain hunting among market participants, following a series of declines, lifted the market,” Luis Limlingan of Regina Capital said.

“Sentiment improved after Donald Trump announced that talks between the US and Iran were continuing. He also added that Iran had given the US a major oil-related gift to the US,” Limlingan said.

RCBC chief economist Michael Ricafort said recent signals on ceasefire on the Iran war that led to the downward correction in global crude oil prices boosted the local stock market.

Ricafort said the US is seeking a one-month ceasefire to hold talks with Iran after sending a 15-point plan intended to bring the war to a close.

All counters were in the green, led by mining and oil, which surged by 4.03 percent. All other sectors grew by at least one percent.

Advancers crushed decliners, 118 to 81, while 54 stocks were unchanged.

Total turnover value grew to P7.37 billion from P5.7 billion in the previous day.

ICTSI was the top traded stock of the day, rising by 2.7 percent to P704.50, followed by BDO Unibank and Ayala Land which jumped by 4.18 percent and 2.98 percent, respectively, to P122 and P17.98.