Philippine Stocks Rise on News of Ceasefire Between Israel and Iran
Local stocks in the Philippines bounced back as US President Donald Trump announced a temporary ceasefire between Israel and Iran. The Philippine Stock Exchange Index (PSEi) surged by 1.2 percent, with banks leading the gains. The broader All Shares Index also saw an increase of 0.88 percent.
Local stocks in the Philippines bounced back on Tuesday following US President Donald Trump's announcement of a ceasefire between Israel and Iran. The Philippine Stock Exchange Index (PSEi) rose by 1.2 percent to close at 6,292.75, while the All Shares Index climbed by 0.88 percent to 3,739.2.
A total of 1.13 billion shares worth P5.8 billion were traded during the session. The market reacted positively to the news of the ceasefire, with optimism that the Middle East conflict may be easing.
US equities also saw gains despite tensions, with banks like BDO Unibank Inc., Bank of the Philippine Islands (BPI), and Metropolitan Bank and Trust Co. (Metrobank) leading the way with at least 2 percent increase in their stock prices.
Notable stock movements included DigiPlus Interactive Corp., SM Prime Holdings Inc., SM Investments Corp., BDO, and Universal Robina Corp. Gainers outnumbered losers, with 122 companies gaining compared to 73 companies that saw a decline.
According to the source: Inquirer.net.
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