PSEi rebounds on apparent easing of US-Iran tensions

Share prices on the Philippine Stock Exchange (PSE) bounced back on Wednesday as investor sentiment improved due to the apparent easing of US-Iran tensions in the Middle East.

The bellwether PSE index gained 69.13 points or 1.17% closing at 5,967.21 from 5,898.08 on Tuesday.

The broader All Shares likewise grew by 0.78% or 26.05 points to 3,363.45.

“The PSEi ended higher, tracking gains across global markets as a US–Iran ceasefire held, easing concerns over escalating tensions in the Strait of Hormuz. Sentiment improved after Washington signaled the truce remains intact, helping temper fears of further disruption to global oil supply routes,” Capital Development Corp. head of sales Luis Limlingan said.

More than 1.345 billion shares valued at P7.638 billion were traded. Decliners led advancers, 103 to 93, and 56 issues were unchanged.

“Moreover, investors stayed on a wait-and-see stance ahead of the upcoming GDP (gross domestic product) release, amid lingering concerns over stagflation risks,” Limlingan said.

Iran said on Wednesday it would accept a peace deal if it was "fair," after US President Donald Trump paused a three-day-old naval mission tasked with reopening the Strait of Hormuz that had failed to bring about any significant resumption of traffic through the waterway, while provoking a new wave of Iranian strikes on ships in the strait and on targets in neighboring countries.

In announcing he was pausing the mission, Trump cited "great progress" in negotiations with Iran, without giving further details. — BM, GMA News