PSEi climbs back to 6,000 on MidEast hopes
Local stocks bounced back on Wednesday, with the main index retesting the 6,000 mark as investors tracked gains on Wall Street and monitored developments in the Middle East.
The Philippine Stock Exchange Index (PSEi) rose 0.84 percent or 50.25 points, to close at 6,063.35.
Philstocks financial research manager Japhet Tantiangco said the local market took cues from the overnight rally in the United States equities, amid hopes that the US and Iran could move toward a compromise following reports of renewed talks.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said buying pressure emerged after a series of declines, with bargain hunting also driving the recovery.
“Optimism was further supported after the US President Donald Trump signaled that the war may be nearing an end, with talks potentially resuming this week,” Limlingan said.
US stocks have already regained nearly all of their Iran-war losses. On April 14, the S&P 500 closed at 6,967.38, nearing its January record high, as renewed hopes for talks with Iran pulled oil prices lower and lifted risk appetite.
Back home, activity remained robust, with net value turnover reaching P7.26 billion, exceeding the year-to-date average of P6.48 billion.
Despite the uptick, foreign investors continued to exit the market, posting net outflows of P1.37 billion.
All sectoral indices ended in positive territory, led by banks, whose counter advanced 1.23 percent.
Market breadth was also positive, with advancers outnumbering decliners, 112 to 73.
Among index heavyweights, Bank of the Philippine Islands climbed 3.13 percent to P102.30, making it the top gainer for the day.
On the other hand, DigiPlus Interactive Corp. was the biggest laggard, shedding 5.06 percent to P15.00.
Analysts said the market’s rebound reflects improving sentiment tied to easing geopolitical concerns, although investors remain cautious amid lingering uncertainties.
