The stock market extended its gains for a third straight session on Thursday, buoyed by positive sentiment following the announced ceasefire between Israel and Iran.
The benchmark PSEi inched up 5.01 points, or 0.08 percent, to close at 6,330.65. The broader All Shares index added 6.02 points, or 0.16 percent, to settle at 3,760.45.
“The PSEi corrected higher for the third straight trading day as positive sentiment sustained on the US/global financial markets since US President Donald Trump announced the tentative ceasefire between Israel and Iran,” Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said.
Japhet Tantiangco, senior analyst at Philstocks Financial Inc., said the ceasefire also helped improve investor outlook by easing pressure on global oil prices and supporting the peso.
“The market was tempered within the day, however, by uncertainty over the Fed’s policy direction, especially after Fed Chair Jerome Powell signaled a wait-and-see approach amid the US tariff environment,” Tantiangco added.
Gains were led by the property sector, which rose 1.3 percent. Only two sectoral indices finished in the green, while four ended in the red. Mining and oil posted the steepest decline, slipping 1.37 percent.
Total value turnover reached P6.06 billion, reflecting relatively muted trading activity. Market breadth was positive, with 94 advancers, 76 decliners, and 82 unchanged. ~*~
