PSEi returns to 6,300 level as Mideast tensions ease

MANILA, Philippines — Shares edged higher yesterday, marking a successful return to the 6,300 level, as declining oil prices buoyed investor sentiment.

The benchmark Philippine Stock Exchange index (PSEi) grew by 0.54 percent or 33.89 points to end at 6,314.90.

The broader All Shares index likewise improved by 0.38 percent or 12.89 points, settling at 3,435.37.

“PSEi closed back above 6,300 after three sessions of failed attempts. Sentiment improved as Brent declined by six percent overnight to around $90 per barrel, while Philippine peso strengthened modestly to 61.71/dollar from the record low (61.85) last week,” AB Capital Securities said.

Data from the Bankers Association of the Philippines showed the peso strengthened by 17.2 centavos to close at 61.675 to $1 from a record low of 61.847 to $1 last Friday.

Luis Limlingan of Regina Capital 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.

Limlingan said 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.

Sectors were mixed, with those in the green with a slight advantage. Mining and oil posted the biggest increase at 1.11 percent, while holding firms incurred the largest drop at 0.1 percent.

Trading was thin as total value turnover stood at P4.81 billion.

Advancers pummeled decliners, 94 to 75, while 67 issues were unchanged.

ICTSI led the session as the most actively traded, rising by 1.03 percent to P979 per share. It was followed by BDO Unibank and Ayala Land, which surged by 1.79 percent and 1.20 percent, respectively, to P125.20 and P16.90.