The Philippine Stock Exchange index (PSEi) rose by 0.46% or 27.3 points, closing at 5,920.70 on Thursday. This marks a halt to its four-day losing streak, driven largely by renewed hopes surrounding peace negotiations between the United States and Iran.
Market Reactions to Global Developments
The local market ended higher after four straight days of decline as selective bargain hunting emerged among investors.
Luis A. Limlingan, Head of Sales, Regina Capital Development Corp.
- Wall Street's overnight rally influenced local sentiment.
- Increased oil prices raise concerns over inflation.
Investors displayed selective optimism following U.S. President Donald J. Trump's comments indicating the U.S. and Iran are nearing a potential peace deal. Trump's statement came as Iran reviewed Washington's latest position after a fragile ceasefire was established six weeks ago.
Despite some sectors gaining, overall trading remained cautious. The broader all shares index fell by 0.12% or 4.03 points to end at 3,335.85. Most sector counters did close higher, with services up 1.22%, while industrials saw a decline of 0.61%.
Bank of the Philippine Islands led the day’s gains, climbing 2.76% to P89.50, while Monde Nissin Corp. lagged behind, dropping 3.66% to P6.84. Overall, value turnover increased to P6.58 billion, with net foreign selling rising to P190.76 million.