PSEi returns above 6,000
Philippine stocks climbed on Thursday as hopes of a possible agreement between the United States and Iran lifted investor sentiment despite weak Philippine economic data.
The benchmark Philippine Stock Exchange Index (PSEi) rose 1.12 percent or 67.06 points to close at 6,034.27, extending its recent gains.
Philstocks Financial research manager Japhet Tantiangco said optimism grew after reports that Washington and Tehran were nearing a memorandum that could help end the ongoing conflict.
Tantiangco said the improving geopolitical outlook overshadowed disappointing first-quarter gross domestic product data released earlier in the day, the brokerage said.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also pointed out that strong buying pressure early in the session lifted the benchmark, reflecting improved risk appetite in equities.
“However, gains were tempered after the country’s gross domestic product growth came in below expectations, prompting cautious positioning toward the close,” Limlingan said.
Trading activity remained active, with net value turnover reaching P7.28 billion.
Foreign investors also returned to the market as net buyers, recording net inflows of P213.38 million.
All sectors closed in positive territory with the banks on top.
Banking stocks led the rally as investors continued to position on expectations of easing inflation and lower interest rates amid softer oil price concerns.
Century Pacific Food Inc. emerged as the session’s top gainer after climbing 7.83 percent to P31 apiece.
