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PSEi climbs back to 6,000 level as hopes of peace between US and Iran rise

Business | The Stock Market

PSEi climbs back to 6,000 level as hopes of peace between US and Iran rise

By James A. Loyola

The Philippine Stock Exchange index (PSEi) rose for the third day in a row on Monday, May 25, as oil prices continued to decline on hopes for successful peace negotiations between the United States (US) and Iran.

The main index added 47.98 points, or 0.8 percent, to close at 6,009.38. Banks led the advance, with only the industrial sector declining.

Volume remained low at 474 million shares worth ₱5.57 billion. Gainers edged out losers—104 to 99, with 62 unchanged.

“The Philippine market ended higher following the sharp decline in crude prices amid renewed optimism over the US-Iran peace talks. Moreover, the local currency appreciated against the US dollar, improving sentiment toward equities and boosting investor confidence,” said Regina Capital Development Corp. managing director Luis Limlingan.

Gains were driven by selective buying as investors welcomed easing inflationary and geopolitical concerns.

Philstocks Financial Inc. research manager Japhet Tantiangco noted, however, that “trading remained tepid with net value turnover at ₱3.26 billion, the lowest for the year so far. This comes as investors maintain caution amid lingering uncertainties.”

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the PSEi again closed higher after Nymex crude oil prices corrected lower recently, further breaking below the $100 mark as officials signaled that the US was nearing a deal with Iran to reopen the Strait of Hormuz and restore oil flows.

Related Tags

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

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