PSEi climbs on easing Mideast conflict
Local stocks rose on Monday as investors welcomed the easing of tensions between the United States and Iran, which helped pull down oil prices and improved risk appetite.
The benchmark Philippine Stock Exchange Index (PSEi) gained 0.54 percent, or 33.89 points, to close at 6,314.90.
Philstocks Financial Inc. research manager Japhet Tantiangco said the market drew support after the United States and Iran paused attacks against each other over the weekend, easing concerns over a prolonged conflict that had pushed global oil prices higher.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the local bourse ended higher as bargain hunting persisted during the session.
“Investor sentiment was further supported by the sharp decline in crude oil prices, which helped ease concerns over inflationary pressures. Market participants remained cautiously optimistic as lower oil prices provided some relief to the broader market,” Limlingan said.
Despite the advance, trading remained subdued as many investors stayed on the sidelines amid lingering uncertainties.
Net value turnover reached only P4.07 billion, well below the market’s recent average, while foreign investors remained net sellers with P196.45 million in net outflows.
Sectoral performance was mixed. Mining and oil stocks led the gains after climbing 1.11 percent, while conglomerates posted the biggest decline, slipping 0.10 percent.
Among index members, Monde Nissin Corp. emerged as the day’s top performer, surging 5.51 percent to P7.09.
Meanwhile, DigiPlus Interactive Corp. was the main laggard, falling 1.87 percent to P9.99.
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