Investors’ optimism boosts Philippine stocks, peso 

Both the local main stocks gauge and the Philippine peso finished on the green Tuesday, partly on optimism for the eventual de-escalation of tensions in the Middle East, according to a report by Philippine News Agency.

The Philippine Stock Exchange index (PSEi) rose by 1.20 percent to 6,292.75 points. All Shares followed with a jump of 0.88 percent to 3,739.20 points.

Most of the sectoral indices tracked the main index, led by the Financials, after it rose by 2.60 percent. It was trailed by the Industrial, 1.41 percent; Services, 0.73 percent; Holding Firms, 0.61 percent; and Property, 0.22 percent.

Only Mining and Oil ended on the red after it fell 2.04 percent.

Luis Limlingan, Regina Capital Development Corp. head of sales, said reports about the failed airstrike on an American base in Qatar gave investors some optimism that the ongoing conflict between Iran and Israel will be addressed.

He said investors are on wait-and-see stance ahead of the Congressional testimony of Federal Reserve Chair Jerome Powell late Tuesday (Philippine time).

He said Powell “faces pressure to cut rates, with some officials signaling possible easing by July.”

Investors' optimism benefited the peso, which touched the 56-level mid-trade.

The local currency closed the day at 57.16, from its 57.58 close Monday. It opened the day sideways at 57.2 and traded between 57.21 and 56.83.

Volume of trade rose to USD2 billion from USD1.28 billion a day ago