Stocks sustain climb on possible US-Iran peace deal

MANILA, Philippines — The local stock market sustained its upward momentum to end the week on a positive note, buoyed by developments over a potential peace deal between the United States and Iran.

The bellwether Philippine Stock Exchange index (PSEi) rose by 0.69 percent or 40.7 points, capping off the session at 5,961.40.

The broader All Shares index also advanced by 0.63 percent or 20.98 points to 3,356.83.

AB Capital Securities said the PSEi extended its rebound for a second session as renewed US-Iran peace hopes lifted regional sentiment.

It said that turnover, however, dropped to its lowest level year-to-date, signaling limited conviction behind the rally.

“The PSEi continued to correct higher after US stock markets again mostly corrected higher for the second straight trading day, with the Dow Jones Industrial Average posting new record highs,” RCBC chief economist Michael Ricafort said.

All sectoral gauges were in the green, except for services, which dipped by 0.02 percent. Holding firms posted the largest gain at 1.46 percent, followed by financials with 1.01 percent.

 Advancers edged out decliners, 89 to 84, while 61 issues did not change hands.

Total turnover value stood at P4.19 billion, down from the previous day’s P6.58 billion.

ICTSI was the session’s top traded stock, declining by 0.18 percent to P815.50 per share. It was followed by banking giants BPI, which shed 1.28 percent to P88.35, and Metrobank, which surged by 4.76 percent to P66.

Asian markets rallied yesterday as optimism over US-Iran talks boosted regional equities, while rising oil prices kept inflation concerns in focus.

Investor sentiment strengthened through the session on hopes that diplomatic progress could stabilize energy supplies after weeks of turbulence from the Middle East conflict, even as crude prices ticked higher on the day.