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PSEi bounces after US-Iran talks continue despite airstrikes

Business | The Stock Market

PSEi bounces after US-Iran talks continue despite airstrikes

By James A. Loyola

The Philippine Stock Exchange index (PSEi) resumed its upward trajectory on Friday, July 10, after the previous trading day’s breather, as easing United States (US)-Iran tensions and a vote of confidence in the Philippine economy from US aid agency Millennium Challenge Corp. (MCC) lifted investor sentiment.

The main index rose by 62.83 points, or 1.01 percent, to close at 6,286.70. Miners led the charge across the board.

Volume jumped to 1.19 billion shares worth ₱9.03 billion. Gainers outnumbered losers—102 to 82, with 61 unchanged.

“The local bourse ended higher as buying interest resumed following yesterday’s market correction, with positive sentiment supported by gains across regional markets,” said Regina Capital Development Corp. managing director Luis Limlingan.

Investors took advantage of lower valuations, leading to broad-based buying throughout the session. Optimism remained firm as improving regional market performance continued to lift investor confidence.

Philstocks Financial Inc. research manager Japhet Tantiangco said the local market closed higher on the last trading day of the week as investors resumed their bargain hunting, taking cues from Wall Street’s overnight rally.

US President Donald Trump’s statement that Iran called the US to make a deal helped ease worries over tensions between the two countries.

Related Tags

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

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