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Manila Bulletin devider Business devider The Stock Market devider Philippine stocks jump as oil retreats on Trump's Iran remarks

Philippine stocks jump as oil retreats on Trump's Iran remarks

Published Mar 10, 2026 04:22 pm
The Philippine Stock Exchange index (PSEi) staged a sharp recovery on Tuesday, March 10, clawing back a significant portion of the previous session’s losses as retreat in global oil prices bolstered investor appetite for risk.
The benchmark PSEi advanced 110.44 points, or 2.01 percent, to finish at 6,126.66. The rally was broad-based, with the Mining and Oil sub-index leading the gains among sectoral laggards that had been battered during Monday’s sell-off.
Market breadth was decisively positive, with 147 gainers overwhelmed by 58 losers, while 64 issues remained unchanged. Despite the price surge, trading activity showed signs of exhaustion as volume thinned to 1.4 billion shares valued at ₱7.49 billion.
The rebound followed the shift in geopolitical sentiment after United States (US) President Donald Trump suggested that hostilities involving Iran could reach a resolution sooner than markets had initially anticipated. The remarks provided the reprieve for energy-sensitive markets like the Philippines, which relies heavily on fuel imports.
“The PSEi rebounded sharply after yesterday’s sell-off, tracking gains in global equities as optimism over potential geopolitical de-escalation improved risk sentiment,” said Luis Limlingan, managing director at Regina Capital Development Corp.
Limlingan added that while the bounce was significant, the market’s recovery remains fragile. He noted that sustained gains would likely require continued positive cues from international markets and more definitive progress in easing Middle East tensions.
Further supporting the local equity market was the slight stabilization in the foreign exchange market. The peso strengthened to ₱58.91 against the US dollar after the Malacañang Palace indicated that President Marcos would support intervention by the Bangko Sentral ng Pilipinas.
The Marcos administration’s signal that it is prepared to defend the currency against volatility sparked by Middle East instability provided a psychological floor for local assets.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., attributed the rally to the downward correction in crude prices following Trump’s signals regarding the Iran conflict, though he noted the president indicated a resolution might not be imminent this week.
The easing of oil prices is seen as a primary driver for local sentiment, as it mitigates concerns over imported inflation and corporate margin compression.

Related Tags

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