PSEi recovers on lower oil prices
Philippine stocks bounced back on Tuesday as investors welcomed signs of easing conflict in the Middle East, which helped pull down global oil prices and improve risk appetite across markets.
The benchmark Philippine Stock Exchange Index (PSEi) climbed 1.13 percent or 66.3 points to close at 5,945.71, recovering from the previous session’s decline.
According to Philstocks Financial Inc., sentiment improved after Iran halted its military strikes against Israel, easing concerns over potential disruptions to global energy supplies.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the Philippine market rebounded as investors stepped back into risk assets following yesterday’s selling pressure.
“Crude oil prices eased from overnight highs after Israel and Iran signaled a temporary pause in attacks, helping improve regional risk sentiment and support a relief rally in equities. The recovery remains tentative, however, as geopolitical developments and energy prices continue to be key drivers of market direction,” Limlingan said.
The broader market also finished in positive territory, although trading activity remained subdued.
Net value turnover stood at P5.53 billion, reflecting cautious participation from investors despite the market’s advance.
Foreign investors remained on the sidelines, ending the session as net sellers with outflows of P155.98 million.
Sectoral performance was mixed, with conglomerates leading the gains after rising 2.09 percent.
Mining and oil stocks, meanwhile, posted the steepest decline, falling 1.51 percent.
