PSEi climbs to 6,300 range as ME tensions ease
The Philippine Stock Exchange index rose as global markets reacted to a de-escalation of tensions in the Middle East. The resulting drop in oil prices helped ease investor concerns regarding inflation and global economic stability.
Why it matters
Geopolitical stability in oil-producing regions directly impacts global inflation rates and stock market performance.
PHILIPPINE STOCKS rose on Monday to lift the main index back above the 6,300 line on optimism over a de-escalation in the Middle East (ME) conflict that led to a decline in global oil prices.
The Philippine Stock Exchange index (PSEi) went up by 0.54% or 33.89 points to close at 6,314.90, while the broader all shares index rose by 0.37% or 12.89 points to end at 3,435.37.
“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,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “Market participants remained cautiously optimistic as lower oil prices provided some relief to the broader market.”
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