The local stock market rose as it appears that the conflict between Israel and Iran has been doused, causing oil prices to drop.
The main index added 62.72 points or 0.97 percent to close at 6,506.80 with the Industrial counter leading the advance across the board. Volume firmed up to 554 million shares worth P5.11 billion as gainers beat losers 102 to 73 with 51 unchanged.
“Philippine shares settled above the 6,500 mark as investors showed renewed interest in stocks following a recent dip from the Israel-Iran geopolitical tensions last week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Oil prices dropped following Iran’s stance that they would not escalate the conflict with Israel.
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “this Tuesday, the local market rose as investors took positive cues from Wall Street overnight. Investors cheered Iran’s statement that it will not further escalate its conflict with Israel as it lifted worries over higher oil prices. “
“At home, the statement from NEDA Usec. Rosemarie Edillon saying that an uptick in inflation for April is unlikely as the country is already in the harvest season also boosted sentiment,” he added.