PSEi inches up as Middle East ceasefire holds

The local bourse barely moved on Thursday as investors digested developments in the Middle East. These include the impact of the conflict in the region on global oil prices and the local currency.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had added 0.08 percent, or 5.01 points, to close at 6,330.65.

Likewise, the broader All Shares Index inched up by 0.16 percent, or 6.02 points, to 3,760.45.

A total of 722 million shares worth P6.1 billion changed hands, stock exchange data showed.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the market mostly moved sideways before eventually closing in the positive territory. He said this was due to the “positive effects of the Israel-Iran ceasefire.”

“This includes the decline in global oil prices and the rebound of the local currency against the US dollar,” Tantiangco added.

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Ayala Land Inc. was the most actively traded stock as it gained by 4.01 percent to P24.65 each, followed by SM Investments Corp., up 1.05 percent to P870; Bloomberry Resorts Corp., down 5.7 percent to P5.13; International Container Terminal Services Inc., down 0.96 percent to P413; and BDO Unibank Inc., down 0.64 percent to P155 per share.

Others were DigiPlus Interactive Corp., up 3.57 percent to P58.10; SM Prime Holdings Inc., up 0.45 percent to P22.45; Bank of the Philippine Islands, up 0.15 percent to P134.20; Puregold Price Club Inc., up 1.74 percent to P35.10; and Globe Telecom Inc., down 0.95 percent to P1,672 each.

Gainers edged out losers, 94 to 76, while 82 companies closed flat, stock exchange data also showed.