PSEi rebounds amid hopes of US-Iran deal

Philippine stocks rebounded on Wednesday, with the benchmark index returning above the 6,000 level amid hopes that the Iran war is easing.

The Philippine Stock Exchange Index (PSEi) climbed 1.82 percent or 107.97 points to close at 6,044.17.

Philstocks Financial research manager Japhet Tantiangco said the rally came as investors cheered prospects of a possible agreement between the United States and Iran that could de-escalate the ongoing war.

Tantiagco said sentiment improved after reports that Washington had sent a 15-point peace plan to Tehran, raising hopes of a diplomatic resolution.

Luis Limlingan, said bargain hunting among market participants following a series of declines, lifted the market.

“Sentiment improved after US President Donald Trump announced that talks between the US and Iran were continuing. He also added that Iran had given the US a major oil-related gift,” Limlingan said.

Despite the gains, trading activity remained subdued, with net value turnover at P5.44 billion as investors stayed cautious amid lingering uncertainties.

Foreign investors provided support, ending as net buyers with inflows of P224.69 million. This snapped a 14-day streak of net foreign selling.

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All sectoral indices finished in positive territory, with mining and oil leading the advance after jumping 4.03 percent.

Market breadth was also positive as advancers outpaced decliners, 118 to 81.

Century Pacific Food Inc. emerged as the top index gainer, rising 5.32 percent to P36.65.

PLDT Inc. was the main laggard, falling 2.96 percent to P1,310.