PSEi climbs above 6,000 as oil prices ease
Philippine stocks climbed on Monday as easing global oil prices lifted investor sentiment, although trading remained subdued amid lingering uncertainties over the global economic outlook.
The benchmark Philippine Stock Exchange Index (PSEi) rose 0.8 percent or 47.98 points, to close at 6,009.38.
Brokerage Philstocks Financial Inc. said the market tracked the decline in global crude prices, with the benchmark Brent crude falling below the $100-per-barrel mark on hopes that the United States and Iran could eventually reach a peace agreement.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also said the local currency appreciated against the US dollar, improving sentiment toward equities and boosting investor confidence.
“Gains were driven by selective buying as investors welcomed easing inflationary and geopolitical concerns,” Limlingan said.
The rally, however, came amid cautious trading conditions as investors continued to monitor geopolitical and economic risks.
Net value turnover stood at P3.26 billion, marking the lowest level recorded so far this year, reflecting tepid market participation. Foreign investors also remained bearish, ending the session with net outflows amounting to P238.39 million.
“Trading remained tepid as investors maintained caution amid lingering uncertainties,” Philstocks said.
Sectoral performance was mostly positive, with only the industrial index ending in negative territory after slipping 0.25 percent.
Bank stocks led the gains, climbing 1.21 percent as investors repositioned toward financially defensive counters.
