Stocks rally, peso climbs as Mideast tensions ease

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MANILA, Philippines —  Financial markets rallied on hopes of easing geopolitical tensions in the Middle East, with share prices surging and the peso strengthening back below the 60-per-dollar level.

The Philippine Stock Exchange index (PSEi) rose by 2.22 percent or 132.04 points to end the session at 6,089.91.

The broader All Shares index also climbed by 1.94 percent or 65 points, closing at 3,415.16.

“Philippine equities soared back above the 6,000 level after the US and Iran agreed to a two-week ceasefire contingent on Iran’s grant of safe passage through the Strait of Hormuz, though still subject to technical limitations and considerations,” AP Securities Inc. said.

Luis Limlingan of Regina Capital said the development also strengthened the peso and improved investor confidence, further supporting gains in the market.

All sectors were in the positive territory, led by mining and oil, which skyrocketed by 6.86 percent and property, which jumped by 4.39 percent.

Trading was strong as total turnover value expanded to P8.33 billion from the previous day’s P5.82 billion.

Advancers squashed decliners, 158 to 47, while 57 issues were unchanged.

Meanwhile, the peso posted a strong recovery to 59.43 per dollar yesterday, strengthening by 90 centavos from Tuesday’s 60.33 finish.

This marked the peso’s strongest closing level since March 12, when it last ended at 59.385, signaling a notable reversal from its recent slide to record lows above 60.

The local currency opened at 59.661 and traded between a high of 59.70 and a low of 59.291, with the latter marking its strongest intraday level for the day as the peso gained traction throughout the session.