PSEi climbs at open on ceasefire hopes
Ceasefire optimism, lower oil prices, and peso rebound lift early trading mood
Ceasefire optimism, lower oil prices, and peso rebound lift early trading mood
The Philippine Stock Exchange index (PSEi) opened stronger on Wednesday at 6,307.79, rising 0.24 percent or 15.04 points from the previous close of 6,292.75, as investor optimism grew over the fragile ceasefire between Israel and Iran.
The pullback in global oil prices and a modest rebound in the local currency also provided a lift to market sentiment, potentially setting a positive tone for the rest of the trading session.
“US equities rose on Tuesday as investors grew optimistic that the fragile ceasefire between Israel and Iran would hold,” said Luis Limlingan, Head of Sales at Regina Capital Development Corporation.
“The moves followed Trump’s efforts to preserve a fragile Israel-Iran ceasefire, as both sides exchanged violation claims.”
The easing geopolitical tensions also weighed on traditional safe-haven assets. Gold prices dropped on Tuesday, while oil prices sank for a second straight day as confidence built that the conflict would not escalate into a major supply disruption.
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