PSEI regains 6,500 level on Iran’s calming words

Philippine shares reclaimed the 6,500 level on Tuesday as investors took in the positive sentiment from Wall Street while tensions in the Middle East seemingly eased.

By the closing bell, the benchmark Philippine Stock Exchange Index climbed by 0.97 percent, or 62.72 points, to 6,506.8.

The broader All Shares Index likewise rose by 0.62 percent, or 21.19 points, to 3,446.9.

A total of 554.76 million shares valued at P5.11 billion changed hands, stock exchange data showed.

“Investors cheered Iran’s statement that it will not further escalate its conflict with Israel as it lifted worries over higher oil prices,” said Mikhail Plopenio, research analyst at Philstocks Financial Inc.

The US market likewise rebounded overnight following Iran’s statement.

Locally, all subsectors rose, with industrial (1.51 percent) and property firms gaining the most (1.23 percent). The latter was buoyed by an increase in Sy-led SM Prime Holdings Inc. after the property giant declared P10 billion in cash dividends.International Container Terminal Services Inc. was the top-traded stock as it went up by 0.92 percent to P328 each.

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It was followed by Bank of the Philippine Islands, up 3.31 percent to P125 per share; BDO Unibank Inc., down 2.18 percent to P143.60; SM Prime, up 1.08 percent to P28.20; and Ayala Corp., which was unchanged at P581 each.

Metropolitan Bank and Trust Co. also rose by 1.45 percent to P70; Ayala Land Inc., up 1.64 percent to P27.95; SM Investments Corp., up 0.86 percent to P943; Jollibee Foods Corp., up 2.67 percent to P222.80; and Universal Robina Corp., up 2.34 percent to P92 each.

Advancers edged out losers, 102 to 73, while 51 companies closed unchanged, stock exchange data also showed.