Renewed optimism over the U.S.-Iran peace talks provided a lift to the Philippine Stock Exchange index (PSEi) and the peso closed stronger against the dollar on Monday.
The PSEi rose by 0.81 percent to 6,009.38 while the broader All Shares increased by 0.45 percent to 3,371.88.
Except for Industrial which declined by 0.25 percent, all sectoral indices closed in the positive territory.
“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 USD, improving sentiment toward equities and boosting investor confidence,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Limlingan said gains were also driven by selective buying as investors welcomed easing inflationary and geopolitical concerns.
The Philippine market ended with 104 gainers, 99 decliners, and 62 unchanged issues.
Meanwhile, the peso closed at 61.465 to a dollar on Monday from last Friday’s 61.69 finish.
It opened at 61.35 and traded between 61.35 and 61.535.
The average for the day stood at 61.437.
Volume rose to USD1.8 billion from last week’s USD1.5 billion.*PNA
