The stock market in the Philippines continued to rise for a second straight session, buoyed by gains in the US market and easing tensions in the Middle East. The Philippine Stock Exchange index closed at 6,506.80, up by 0.97 percent or 62.72 points, while the All Shares index also climbed by 0.62 percent to finish at 3,446.90.
According to experts, the local market received positive cues from Wall Street and Iran’s statement that it would not escalate its conflict with Israel, reducing concerns about higher oil prices. National Economic and Development Authority Undersecretary Rosemarie Edillon’s assurance that inflation for April is unlikely due to the harvest season also boosted investor sentiment.
Despite the positive movement, net value turnover was lower than the year-to-date average. Chief economist Michael Ricafort noted that further healthy upward correction is possible, especially if the markets have factored in most of the negative news related to recent geopolitical risks.
All sectors were in positive territory, with the industrial sector leading the gains. Market breadth was also positive, with advancers outnumbering decliners. Century Pacific Foods saw the largest gain among index members, while BDO experienced the biggest loss.
