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Manila Bulletin devider Business devider The Stock Market devider PSEi extends rally on easing oil, stronger peso

PSEi extends rally on easing oil, stronger peso

Published Jun 29, 2026 04:59 pm

Continuing its recovery from last week’s sell-off, the Philippine Stock Exchange index (PSEi) rose for a third straight trading day on Monday, June 29, as easing concerns over the Middle East conflict and a stronger peso lifted investor sentiment.

The main index gained 61.17 points, or 1.01 percent, to close at 6,133.41—remaining above the 6,000 level for the third consecutive trading day.

Trading activity slowed, with 861.2 million shares valued at ₱5.17 billion changing hands. Gainers still outnumbered losers—96 to 75, while 70 issues were unchanged.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the market continued to draw support from easing geopolitical tensions after the United States (US) and Iran agreed to halt retaliatory attacks ahead of peace talks scheduled this week in Doha, Qatar.

“As a result, global crude oil prices mostly corrected slightly higher but nevertheless still erased almost all of their increase since the war started nearly four months ago,” Ricafort noted.

Ricafort added that the PSEi also benefited from a slightly stronger peso, which appreciated to ₱61.17 against the US dollar on Monday from ₱61.29:$1 last Friday, June 26.

For Ricafort, the worst of the surge in global oil prices and the resulting inflationary pressures may have already passed, which could help reduce the country’s import bill, narrow the trade deficit, ease inflationary pressures, as well as support faster economic growth.

According to Ricafort, lower oil prices have also helped ease pressure on long-term local interest rates, while recent developments point to improving prospects for domestic financial markets.

Related Tags

Philippine Stock Exchange index (PSEi) Michael Ricafort Rizal Commercial Banking Corp. (RCBC) Middle East war Philippine peso
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