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MANILA, Philippines – Local stocks staged a sharp rally while the peso climbed to its strongest level in more than a month 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, while the peso strengthened by 87 centavos to close at 60.48 against the dollar.
READ: Trump: Deal reached with Iran, Hormuz naval blockade ordered removed
Michael Ricafort, chief economist at Rizal Commercial Baking Corp., said Monday’s spike marked PSEi’s highest close in more than three months or since March 6.
