The Philippine Stock Exchange index (PSEi) extended its winning streak for the fourth consecutive session on Thursday, climbing 77.62 points or 1.22 percent to settle at 6,408.27, its highest close in nearly a month and among the strongest since 10 January 2025. The continued rally was fueled by improved sentiment across global financial markets amid easing geopolitical tensions.
Market optimism followed reports of a tentative ceasefire between Israel and Iran, announced by former U.S. President Donald Trump, which helped calm investor nerves and sparked a global risk-on mood.
Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, noted that U.S. stock markets rose again overnight by 0.8 to 1 percent, pushing the S&P 500 near record territory.
Luis Limlingan, head of sales at Regina Capital Development Corporation, added that bargain-hunting lifted the local bourse, with gains spread across key sectors.
“The PSEi rose as investors picked up bargains across key sectors, supported by a calmer external backdrop and stable domestic conditions,” Limlingan said.
He also pointed out that gold prices dipped on Thursday due to waning safe-haven demand and uncertainty over the Federal Reserve’s next rate move, while oil prices ticked up on lower U.S. inventories and a softer dollar.
In the currency market, the peso opened at P56.65 against the U.S. dollar and strengthened throughout the day to close at P56.57, with an average trading rate of P56.581, based on data from the Bankers Association of the Philippines.