PSEi climbs on easing US-Iran conflict
Local stocks closed higher on Monday as easing concerns over the United States-Iran conflict helped lift market sentiment.
The benchmark Philippine Stock Exchange Index (PSEi) climbed 108.52 points or 1.86 percent, to finish at 5,942.16.
Philstocks financial research manager Japhet Tantiangco said the broader market traded in positive territory following reports that Iran proposed a 14-point plan to the US in a bid to reach a diplomatic resolution.
Investor sentiment was also shaped by news that US President Donald Trump plans to escort ships passing through the Strait of Hormuz amid ongoing security concerns.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also said that the PSEi started the week higher after heavy selling pressure last Thursday, as bargain hunting emerged across select index names.
“Market sentiment improved as more companies released their first-quarter earnings, providing fresh cues for investors amid cautious trading conditions,” Limlingan said.
Back home, net value turnover for the session reached P5.47 billion.
Foreign investors remained on the sidelines, ending the day as net sellers with outflows amounting to P341.56 million.
Sectoral performance was mixed, with services leading the gains after rising 4.36 percent.
Mining and oil stocks lagged behind, slipping 0.11 percent.
Market breadth was positive, with gainers outpacing decliners, reflecting selective buying across index names.
Among individual stocks, DigiPlus Interactive Corp. emerged as the top index gainer, jumping 9.72 percent to P14.90.
