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Manila Bulletin devider Business devider The Stock Market devider PH stocks bounce after Middle East ceasefire announcement

PH stocks bounce after Middle East ceasefire announcement

Published Jun 24, 2025 04:54 pm
The PSEi bounced back after Iran made only a token response to the United States (US) bombing of its nuclear facilities and the US announced a ceasefire, although investors’ relief eventually gave way to caution and trimmed intra-day gains.
The main index rose by 74.47 points, or 1.2 percent, to close at 6,292.75. Banks led the rally while miners dropped together with gold prices. Volume dipped to 1.13 billion shares worth ₱5.79 billion, as gainers outnumbered losers—122 to 73, with 54 unchanged.
“Philippine shares and Wall Street traded higher, shrugging off Iran’s failed strike on a US base in Qatar,” said Regina Capital Development Corp. Managing Director Luis Limlingan.
He added that, “Markets now await Fed [US Federal Reserve] Chair Jerome Powell’s testimony before Congress, where he faces pressure to cut rates, with some officials signaling possible easing by July. Investors are also watching home price and consumer confidence data.”
Philstocks Financial Research Manager Japhet Tantiangco said, “The local market bounced back driven by hopes of peace between Israel and Iran. This comes following US President Donald Trump’s announcement of a ceasefire between the two countries. As an effect, global oil prices declined which investors also cheered.”
Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the PSEi closed higher as tensions in the Middle East eased lately after Trump announced a tentative ceasefire between Iran and Israel and global crude oil price declined to near two-week lows.
He noted that, “this could lead to some rollback in local fuel pump prices after the recent increase, as the US dollar-peso exchange rate corrected lower to ₱57.16 levels (after earlier reaching an intraday low of ₱56.835) versus the previous trading day’s ₱57.58.”

Related Tags

Philippine Stock Exchange index Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco Rizal Commercial Banking Corporation Michael L. Ricafort
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