Stocks bounce back above 6,000 on peace deal hopes

MANILA, Philippines — The local stock market opened the week back above the 6,000 level, buoyed by hopes of a peace deal between the United States and Iran.

The benchmark Philippine Stock Exchange index (PSEi) grew by 0.8 percent or 47.98 points to close yesterday’s session at 6,009.38.

The broader All Shares index also advanced by 0.45 percent or 15.05 points, settling at 3,371.88.

Luis Limlingan of Regina Capital said the Philippine market ended higher following the sharp decline in crude prices amid renewed optimism over the US-Iran peace talks.

“Moreover, the local currency appreciated against the dollar, improving sentiment toward equities and boosting investor confidence. Gains were driven by selective buying as investors welcomed easing inflationary and geopolitical concerns,” Limlingan said.

The peso yesterday appreciated by 22.5 centavos to close at 61.465 to $1 from Friday’s 61.69 to $1. It opened at an intraday high of 61.35 before hitting an intraday low of 61.535.

All sectors were in the positive territory, except for industrial which declined by 0.25 percent.

Financials posted the biggest gain at 1.21 percent, followed by holding firms which rose by 0.96 percent.

Market breadth was positive as advancers edged out decliners, 104 to 99, while 62 issues were unchanged.

Total turnover value stood at P5.58 billion.

ICTSI was the session’s top traded stock, climbing by 1.29 percent to P826 per share, followed by BDO Unibank and Jollibee which surged by 1.91 percent and 1.10 percent, respectively, to P117.20 and P138.