PSEi rises on hopes of Middle East ceasefire

The Philippine Stock Exchange index (PSEi) opened higher by 0.66 percent to 6,259.62 on Tuesday, buoyed by investor optimism following reports of a possible ceasefire between Israel and Iran announced by US President Donald Trump.

“US equities rose on Monday as investor concerns eased following Iran’s unexpectedly restrained response to US weekend strikes,”  said Luis Limlingan, Head of Sales at Regina Capital Development Corporation.

“Iran claimed it targeted a US base in Qatar in response to American strikes on its nuclear sites, but the attack was intercepted with no casualties. The limited impact eased supply fears, prompting a sell-off in oil.”

Gold prices edged higher on Monday amid modest safe-haven demand as markets closely monitored developments in the region. Meanwhile, oil prices dropped sharply after the missile strike resulted in no reported casualties, fueling hopes for de-escalation in Middle East tensions.