Investors bet on de-escalation of Mideast crisis
Reports that Iran and Israel may deescalate their ongoing conflict gave the local bourse a boost on Tuesday.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) added 0.17 percent, or 10.61 points, to close at 6,369.19.
The broader All Shares Index likewise climbed by 0.41 percent, or 15.41 points, to 3,783.86.
A total of 2.11 billion shares worth P5.4 billion changed hands, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors were hoping that the conflict between Iran and Israel “would stay contained.”
Reports by foreign press said Iran was supposedly looking to deescalate hostilities with Israel, and that it was “willing to resume nuclear talks” with the United States.
Only banks ended in the red territory as index heavyweight and top-traded stock BDO Unibank Inc. slipped by 1.26 percent to P157 each.
It was followed by: DigiPlus Interactive Corp., up 2.65 percent to P64; Manila Water Co. Inc., which surged by 8.29 percent to P37.90 after announcing lower July rates; International Container Terminal Services Inc., flat at P416; and Bloomberry Resorts Corp., down 2.33 percent to P5.88 per share.
Others were: First Philippine Holdings Inc., up 3.19 percent to P84; Bank of the Philippine Islands, down 0.07 percent to P137.70; Ayala Land Inc., up 0.42 percent to P23.65; SM Prime Holdings Inc., up 0.22 percent to P22.45; and SM Investments Corp., up 0.12 percent to P868.
There were 124 gainers against 82 losers, while 42 companies were flat at closing, stock exchange data also showed.
