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THE peso and stock market rebounded on Tuesday on reports of a ceasefire between Israel and Iran.
The currency strengthened by 42 centavos to P57.16 against the dollar, while the benchmark Philippine Stock Exchange index (PSEi) added 74.47 points, or 1.20 percent, to end the day at 6,292.75.
The broader All Shares gained 32.64 points, or 0.88 percent, to 3,739.20.
The peso opened at P57.2:$1 and ranged from P56.835 to P57.21, with volume surging to P2.01 billion from Monday’s P1.277 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the currency rose after US President Donald Trump announced a tentative ceasefire between Iran and Israel.
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Philstocks Financial Inc. research manager Japhet Tantiangco echoed this, saying: “The local market bounced back driven by hopes of peace between Israel and Iran.”
“As an effect, global oil prices declined which investors also cheered,” he added.
Tantiangco said trading remained tepid with net value turnover at P5.64 billion, lower than the year-to-date average of P5.70 billion.
“Foreigners were net sellers with net outflows at P286.36 million,” he noted.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said, “markets now await [US Federal Reserve] Chair Jerome Powell’s testimony before Congress, where he faces pressure to cut rates, with some officials signaling possible easing by July.”
All but one of the six sector indices gained, with financials up the most by 2.60 percent. Mining and oil was the sole loser, down 2.04 percent.
On a company basis, gainers outnumbered decliners, 122 to 73, while 54 were unchanged.
