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MANILA, Philippines – Local stocks staged a sharp rally on Monday as investors welcomed news of a peace agreement between the United States and Iran, fueling hopes of lower oil prices and easing inflationary pressures.
The benchmark Philippine Stock Exchange Index (PSEi) jumped 6.14 percent or 362.82 points, to close at 6,272.88.
READ: Middle East war: peace deal reactions
Michael Ricafort, chief economist at Rizal Commercial Baking Corp., said this marked PSEi’s highest close in more than three months or since March 6. The index has also recovered sharply from its four-month low posted on Jan. 29.
