PSEi retests 6,100 level on easing US-Iran conflict

Local stocks extended their gains on Monday as easing conflict in the Middle East buoyed investor sentiment, although many market participants stayed on the sidelines amid lingering uncertainty.

The benchmark Philippine Stock Exchange index (PSEi) climbed 1.01 percent, or 61.17 points, to close at 6,133.41.

According to Philstocks Financial Inc., the market gained support after the United States and Iran had agreed to halt military exchanges and return to negotiations following heightened tensions over the weekend.

Luis Limlingan, head of sales at Regina Capital Development Corp., also said sentiment improved following fresh initial public offering developments.

“Investors showed renewed optimism as they monitored new market opportunities and corporate activities. Trading remained focused on catalysts that could support further market momentum,” Limlingan said.

Net value turnover reached only P4.36 billion.

Foreign investors were net buyers, with inflows of P311.2 million.

Among sectoral indices, banks led the rally after gaining 1.85 percent, benefiting from renewed risk appetite among investors. Mining and oil stocks, meanwhile, lagged the broader market, slipping 1.53 percent.

Globe Telecom Inc. emerged as the top index gainer as its shares surged 6.94 percent to P1,925 each.

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Investors also digested plans by GCash parent Mynt Inc. to pursue what could become the country’s biggest initial public offering.

Meanwhile, Semirara Mining and Power Corp. was the session’s biggest index decliner, falling 3.96 percent to P23.05 per share.

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