The PSEi started the week in positive territory, rising 0.43% to 5,986.85 on Monday as investors picked up bargains following Friday’s selloff.
The local bourse’s performance came despite US President Donald Trump rejecting Iran’s latest peace deal terms, which he described as “totally unacceptable.” The PSEi managed to buck the spike in global oil prices that followed the latest breakdown in negotiations between the two sides.
However, analysts noted that the benchmark index failed to sustain momentum above the key 6,000 resistance level, reflecting continued caution in the market. Net value turnover remained relatively light at P5.05 billion, while foreign investors stayed net sellers with P146.61 million in outflows.
Property stocks led sectoral gains, advancing 1.89%, while mining and oil declined 1.81% as commodity prices softened. Among index names, Puregold (PGOLD) climbed 4.78% to P46.00, making it the day’s top performer, while DigiPlus (PLUS) dropped 5.40% to P12.96 amid continued profit-taking.
In the currency market, the peso depreciated sharply against the US dollar, closing at P61.15 per US dollar, significantly weaker than last Friday’s P60.613 finish.
The peso’s depreciation came as the US dollar strengthened broadly in global foreign exchange markets after investors scaled back expectations of aggressive Federal Reserve rate cuts following resilient US economic data and elevated Treasury yields. Trump’s rejection of Iran’s latest peace proposal also drove investors back into the greenback as a safe-haven asset amid renewed uncertainty.
Risk aversion likewise resurfaced after fresh tensions reignited concerns over disruptions to global oil supply. Oil prices rose following Trump’s rejection of the proposal, with Brent crude trading at around $105.33 per barrel and West Texas Intermediate (WTI) at roughly $99.85, both up about 4 to 5 percent on Monday, adding further pressure on the peso.