Stocks rebound as investors cheer Mideast truce

MANILA, Philippines — The local stock market rebounded strongly yesterday as investors welcomed positive developments on the ongoing conflict in the Middle East.

The benchmark Philippine Stock Exchange index (PSEi) rose by 1.17 percent or 69.13 points to close the session at 5,967.21.

The broader All Shares index likewise increased by 0.78 percent or 26.05 points, settling at 3,363.45.

Luis Limlingan of Regina Capital said the PSEi ended higher, tracking gains across global markets as a US–Iran ceasefire helped ease concerns over escalating tensions in the Strait of Hormuz.

“Sentiment improved after Washington signaled the truce remains intact, helping temper fears of further disruption to global oil supply routes,” Limlingan said.

“Moreover, investors stayed on a wait-and-see stance ahead of the upcoming GDP (gross domestic product) release, amid lingering concerns over stagflation risks,” he said.

All sectors were in the green, except for financials which declined by 0.84 percent. Mining and oil led the charge with a 5.44-percent jump, followed by services which advanced by 3.28 percent.

Total turnover value expanded to P7.64 billion from the previous day’s P5.03 billion.

Market breadth, however, was negative as decliners edged out advancers, 103 to 93, while 56 issues did not change hands.

ICTSI was the session’s top traded stock, soaring by 5.09 percent to P785 per share, followed by BDO Unibank which fell by 2.7 percent P111.80 and Nickel Asia which jumped by 1.36 percent to P5.23.