Financial markets rallied yesterday as investors cheered reports of a peace deal between the United States and Iran, sending stocks soaring above the 6,200 level and boosting the peso to its strongest finish in more than a month, according to Philstar Biz.
The Philippine Stock Exchange index closed at 6,215.34, up 2.3%, while the peso strengthened to P55.80 against the US dollar, its best showing since mid-May. Analysts attributed the gains to easing geopolitical tensions that had weighed on risk appetite in recent weeks.
The peace deal is expected to lower oil prices and reduce uncertainty for trade-dependent economies like the Philippines. Market participants now await further details on the agreement and its potential impact on global supply chains.