Daily TribuneOptimism grew with Iran’s new 14-point proposal aimed at reaching a diplomatic resolution even as President Trump signaled plans to escort vessels through the Strait of Hormuz, helping ease concerns over potential supply disruptions.
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GLOBAL markets, including in the Philippines’ PSEI perked up on optimism following reports that Iran had submitted a new 14-point proposal to the US seeking an end to the war and President Trump ordering US naval ships to escort oil tankers through the Strait of Hormuz.
Agence France-Presse
The Philippine Stock Exchange index (PSEi) surged to 5,942.16, up 1.86 percent, as the local market rebounded on improving sentiment tied to developments in US-Iran relations.
Optimism grew after reports that Iran presented a new 14-point proposal to the United States aimed at reaching a diplomatic resolution.
At the same time, US President Donald Trump signaled plans to escort vessels through the Strait of Hormuz, helping ease concerns over potential supply disruptions despite ongoing tensions.
Moderate trading
Trading activity remained moderate, with total value turnover at P5.47 billion. Foreign investors continued to pare exposure, registering net outflows of P341.56 million.
Sector performance was largely positive, led by services (+4.36 percent), while mining and oil was the sole laggard (-0.11 percent). Among index constituents, DigiPlus Interactive Corp. (PLUS) emerged as the top gainer, climbing 9.72 percent to P14.90, while AREIT Inc. (AREIT) was the biggest decliner, falling 3.54 percent to P38.10.
Slightly weak peso
On the currency side, the peso weakened slightly to P61.565 per US dollar from around P61.48 previously, matching the record low close posted last Wednesday, 29 April.
The modest depreciation reflects continued broad US dollar strength, as global markets remain cautious amid elevated oil prices and lingering geopolitical tensions in the Middle East.
High crude prices pressure on oil-importing countries
Persistently high crude prices continue to pressure oil-importing economies like the Philippines by widening trade deficits and sustaining inflation concerns, while expectations of “higher-for-longer” US interest rates keep the dollar supported.
Overall, while equities staged a technical rebound driven by bargain hunting and sector rotation, the peso’s continued weakness underscores lingering external headwinds, with global risk factors — particularly oil and geopolitics — remaining the dominant drivers of local market sentiment.
