PSEi rises on hopes for US-Iran peace deal
Local stocks rose on Friday as investors tracked Wall Street’s overnight rally amid growing hopes that the United States and Iran could eventually reach a peace agreement.
The benchmark Philippine Stock Exchange Index (PSEi) climbed 0.69 percent or 40.70 points, to close at 5,961.40, extending gains for a second straight session.
Philstocks Financial Inc. said investor sentiment improved after global equities had advanced overnight on expectations that tensions in the Middle East could ease.
“Hope that the US and Iran would reach a peace deal soon continued to fuel positive sentiment,” the brokerage said.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi finished in positive territory as easing oil prices and signs of progress toward a possible US-Iran peace deal lifted investor sentiment.
“Renewed risk appetite helped sustain buying interest despite lingering geopolitical and economic uncertainties,” Limlingan said.
However, trading activity remained weak as many investors stayed on the sidelines amid lingering uncertainties.
Net value turnover stood at only P3.57 billion. Foreign investors also ended the session as net sellers with outflows amounting to P172.24 million.
Most sectoral indices ended higher, led by conglomerates, which gained 1.46 percent. Only the services sector slipped, edging down by 0.02 percent.
Metropolitan Bank & Trust Co. emerged as the day’s top index gainer, surging 4.76 percent to P66 apiece.
Meanwhile, Bank of the Philippine Islands was the main laggard, declining 1.28 percent to P88.35 per share.
