PH stocks rebound despite Middle East tensions as peso weakens

The Philippine Stock Exchange index (PSEi) managed a late-day reversal on Monday, closing higher despite heavy investor anxiety over rising Middle East tensions, but the peso weakened against the United States (US) dollar.

The main stocks gauge rose 0.21 percent to 6,251.38 points, but the broader All Shares closed almost flat with a drop of 0.01 percent to 3,434.89 points.

Half of the sectoral indices also gained during the day, namely Mining and Oil, 3.19 percent; Services, 0.51 percent; and Holding Firms, 0.18 percent.

On the other hand, Industrial fell 0.39 percent, Financials by 0.25 percent, and Property by 0.09 percent.

Volume reached 1.25 billion shares amounting to PHP4.97 billion.

Decliners led advancers at 108 to 83, while 65 shares were unchanged.

“The local market was down for the most part of the day as the latest exchange of threats between the US and Iran caused further concerns over the Strait of Hormuz. The US warned of heavier economic sanctions against Iran. Meanwhile, Iran warned of seizing ships that violate rules in the Strait. On the final minutes, bargain hunting took over cause the market to have a positive close,” Philstocks Research said in a market report.

The local currency closed the week’s first trading day at 61.73, weaker than its 61.67 finish last Thursday. There was no trading on Friday due to a commemoration of the Ninoy Aquino Day.

For the day’s trade, the local currency opened at 61.75, and traded between 61.79 and 61.68. The average stood at 61.73.

Volume reached USD970.2 million, lower than the USD2.1 billion in the previous session.

-Joann Villanueva/Philippine News Agency