Philippine Stocks Rise as Mideast Tensions Ease, Boosting Investor Sentiment

MANILA, Philippines — Local stocks rose on Monday as investors welcomed the easing of tensions between the United States and Iran, which helped pull down oil prices and improved risk appetite. The benchmark Philippine Stock Exchange Index (PSEi) gained 0.54 percent, or 33.89 points, to close at 6,314.90. READ: Iran halts strikes as Trump gives space to talks Philstocks Financial Inc. research manager Japhet Tantiangco said the market drew support after the US and Iran paused attacks against each other over the weekend, easing concerns over a prolonged conflict that had pushed global oil prices higher. Luis Limlingan, head of sales at Regina Capital Development Corp., said the local bourse ended higher as bargain hunting persisted during the session amid easing geopolitical tensions following a strike halt in the Middle East. “Investor sentiment was further supported by the sharp decline in crude oil prices, which helped ease concerns over inflationary pressures. Market participants remained cautiously optimistic as lower oil prices provided some relief to the broader market,” Limlingan said. Despite the advance, trading remained subdued as many investors stayed on the sidelines amid lingering uncertainties. Net value turnover reached only P4.07 billion, well below the market’s recent average, while foreign investors remained net sellers with P196.45 million in net outflows. Sectoral performance varied across sectors. Mining and oil stocks led the gains after climbing 1.11 percent, while conglomerates posted the biggest decline, slipping 0.10 percent. Among index members, Monde Nissin Corp. emerged as the day’s top performer, surging 5.51 percent to P7.09. Meanwhile, DigiPlus Interactive Corp. was the main laggard, falling 1.87 percent to P9.99. READ: It’s official: Converge loses PSEi slot to Maynilad Analysts said the market’s gain came as investors took comfort from lower geopolitical risks after the latest developments in the Middle East reduced fears of further supply disruptions and another spike in oil prices. However, weak trading activity and continued foreign selling suggested that investors remained cautious as they monitored global developments and the broader economic outlook. /pai INQ