Philippine Stock Exchange Index Rises on Hopes of Ceasefire
The PSEi opened stronger at 6,307.79, up 0.24% on Wednesday, fueled by optimism over the ceasefire between Israel and Iran. Global oil prices pulling back and local currency rebounding also boosted market sentiment.
The Philippine Stock Exchange index (PSEi) started stronger on Wednesday at 6,307.79, up by 0.24 percent or 15.04 points from the previous close of 6,292.75. Investor optimism increased due to the fragile ceasefire between Israel and Iran.
The decline in global oil prices and a slight recovery in the local currency boosted market sentiment, potentially setting a positive tone for the trading session ahead.
According to Luis Limlingan, Head of Sales at Regina Capital Development Corporation, \"US equities rose on Tuesday as investors became more hopeful about the fragile ceasefire between Israel and Iran. This followed Trump's efforts to maintain the fragile Israel-Iran ceasefire, with both sides making violation claims.\"
The reduced geopolitical tensions also impacted safe-haven assets. Gold prices fell on Tuesday, and oil prices declined for a second consecutive day as confidence grew that the conflict would not lead to a major supply disruption.
What's Your Reaction?
Like
0
Dislike
0
Love
0
Funny
0
Angry
0
Sad
0
Wow
0
