THE MAIN INDEX returned to the 6,000 level on Monday as global oil prices declined on optimism over peace deal negotiations between the United States and Iran.
The Philippine Stock Exchange index (PSEi) rose by 0.8% or 47.98 points to close at 6,009.38, while the broader all shares index went up by 0.44% or 15.05 points to end at 3,371.88.
“The local market rose as global oil prices declined with the benchmark Brent crude dropping below the $100 per barrel mark. This comes on hopes that the US and Iran would reach a peace deal soon,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
“The Philippine market ended higher following the sharp decline in crude prices amid renewed optimism over the US-Iran peace talks. Moreover, the local currency appreciated against the US dollar, improving sentiment toward equities and boosting investor confidence. Gains were driven by selective buying as investors welcomed easing inflationary and geopolitical concerns,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
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