Middle East ceasefire lifts PSEi above 6,300
Investors welcomed the ceasefire between Israel and Iran on Wednesday, with the local bourse absorbing the optimism and climbing over the 6,300 barrier.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had jumped by 0.52 percent, or 32.89 points, to 6,325.64.
Likewise, the broader All Shares Index added 0.41 percent, or 15.23 points, to close at 3,754.43.
A total of 616.14 million shares worth P4.67 billion changed hands, stock exchange data showed.
The index’s gain came on the heels of the announced “fragile ceasefire” between Israel and Iran following their 12-day war, said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.
Foreign press reported that US President Donald Trump had called on Israel not to attack Iran, especially since the truce appeared to be holding.
Back at home, property firms saw the steepest gain on the back of increases at both Ayala Land Inc. (ALI) and SM Prime Holdings Inc.
BDO Unibank Inc. was the most actively traded stock as it closed flat at P156 each.
It was followed by DigiPlus Interactive Corp., up 2.28 percent to P56.10; Bloomberry Resorts Corp., down 1.81 percent to P5.44; Universal Robina Corp., up 2.04 percent to P90; and International Container Terminal Services Inc., up 0.58 percent to P417 per share.
Others were ALI, up 2.82 percent to P23.70; SM Prime, up 2.29 percent to P22.35; Bank of the Philippine Islands, down 1.69 percent to P134; PLDT Inc., unchanged at P1,210; and SM Investments Corp., up 0.23 percent to P861 each.
There were 97 gainers against 83 losers, while 60 companies were flat at closing, stock exchange data also showed.
