PSEi rebounds on easing Mideast war

The Philippine Stock Exchange Index (PSEi) rebounded on Wednesday as investors welcomed signs of easing tensions in the Middle East. This helped lift appetite for risk assets and extend foreign buying on the local bourse.

The PSEi climbed 1.17 percent or 69.13 points to close at 5,967.21.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi tracked gains across global markets as the United States–Iran ceasefire held. This eased concerns over escalating tensions in the Strait of Hormuz.

“Sentiment improved after Washington signaled the truce remains intact, helping temper fears of further disruption to global oil supply routes. Moreover, investors stayed on a wait-and-see stance ahead of the upcoming gross domestic product release, amid lingering concerns over stagflation risks,” Limlingan said.

Philstocks Financial research manager Japhet Tantiangco said the market gained after the US paused military efforts to assist commercial ships exiting the Strait of Hormuz, citing progress toward a possible deal with Iran.

The local market also benefited from continued foreign buying, with overseas investors posting net inflows of P129.86 million. Wednesday marked the third straight session of net foreign buying.

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Net value turnover stood at P6.42 billion.

Sectoral performance was mostly positive, with only banks ending in the red after slipping 0.84 percent. Mining and oil counters led the rally, surging 5.44 percent.

Among index members, ACEN Corp. emerged as the top gainer, jumping 7 percent to P3.21.