PSEi climbs for 4th day to 6,408 amid global rally

The Philippine Stock Exchange index (PSEi) extended its rally for a fourth consecutive session on Thursday, climbing 1.22 percent to settle at 6,408.27, its highest close in nearly a month.

The continued rally was fueled by improved sentiment across global financial markets amid easing geopolitical tensions, following reports of a tentative ceasefire between Israel and Iran announced by former U.S. President Donald Trump.

This development helped calm investor nerves and sparked a global risk-on mood, with U.S. stock markets rising and pushing the S&P 500 near record territory.

Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, noted this trend, while Luis Limlingan, head of sales at Regina Capital Development Corporation, added that bargain-hunting lifted the local bourse, with gains spread across key sectors.

Limlingan stated that the PSEi rose as investors picked up bargains across key sectors, supported by a calmer external backdrop and stable domestic conditions.

He also pointed out that gold prices dipped on Thursday due to waning safe-haven demand and uncertainty over the Federal Reserve's next rate move, while oil prices ticked up on lower U.S. inventories and a softer dollar.

The Philippine peso showed strength, opening at P56.50 and closing at P56.05 against the US dollar.

Locally, the Philippines recorded a budget deficit of P145.2 billion in May.