The benchmark Philippine Stock Exchange index (PSEi) gained 48 points, or 0.62 percent, to finish at 7,677.73, while the broader All Shares index rose by 26.24 points or 0.57 percent to end at 4,559.48. File Photo
MANILA, Philippines – The stock market recovered yesterday, tracking regional markets following reports Deutsche Bank has moved a step closer to reaching a US settlement.
The benchmark Philippine Stock Exchange index (PSEi) gained 48 points, or 0.62 percent, to finish at 7,677.73, while the broader All Shares index rose by 26.24 points or 0.57 percent to end at 4,559.48.
Most counters likewise closed in the green, with the mining and oil leading the gains.
The mining and oil index gained 1.98 percent, up 216.65 points to finish at 11,156.14 as oil investors cheered the decision of the Organization of Petroleum Exporting Countries (OPEC) to cap supply, stabilizing market prices.
Total value turnover reached P4.88 billion. Advancers beat decliners, 93 to 88 while 50 stocks were left unchanged.
Deutsche Bank was slapped with a $14 billion fine by the US Department of Justice over its sale of mortgage-backed securities.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
Deutsche Bank is Germany’s biggest bank which has been struggling for years, highlighting the need to push through with much needed financial sector reforms.
However, over the weekend, there were news that Deutsche and the US Department of Justice were close to agreeing on a settlement of $5.4 billion, or more manageable than the $14 billion fine.
Specifically, the Wall Street Journal reported on Sunday the bank’s talks with the DOJ were continuing.
Deutsche is Germany’s largest lender and threats of such a large fine have pushed shares to record lows.
