Positive cues from global markets lift stocks

MANILA, Philippines — The local stock market bounced back after recent losses, taking positive cues from overseas markets.

The benchmark Philippine Stock Exchange index (PSEi) climbed by 0.84 percent or 50.25 points, snapping back-to back losses as it finished yesterday’s session at 6,063.35.

The broader All Shares index followed suit, adding 0.59 percent or 19.76 points to close at 3,396.88.

AB Capital Securities said the index rebounded after a two-day drop, supported by improving global sentiment as oil fell below $100 and US-Iran ceasefire optimism lifted regional markets.

“Philippine equities tracked regional gains as improving risk sentiment, driven by optimism over a potential resumption of US–Iran peace talks, lifted the global markets today,” AP Securities said separately in its report.

Trading was robust as total value turnover expanded to P8.16 billion from the previous day’s P5.92 billion.

All sectors were in the green, led by financials and services, which surged by 1.23 percent and 1.21 percent, respectively.

Market breadth was positive as advancers squashed decliners, 112 to 73, while 63 issues did not change hands.

Leading the stocks as the most actively traded was ICTSI, which jumped by 2.08 percent to P735 per share. It was followed by BDO Unibank and Jollibee, which grew by 1.55 percent and 0.31 percent, respectively, to P117.80 and P160.

Elsewhere, global stocks rose yesterday after US President Donald Trump said a second round of talks with Iran could take place “over the next two days”, fuelling hopes for a deal that would reopen the Strait of Hormuz and allow crude to flow again.