The local stock barometer experienced an uptick on Wednesday as markets reacted positively to the ceasefire between Israel and Iran, while the peso returned to the 56 to a dollar level.
The Philippine Stock Exchange index (PSEi) increased by 0.52 percent, closing at 6,325.64, while the All Shares index finished at 3,754.43, up by 0.41 percent.
“Philippine shares rose and oil prices sank as markets welcomed a fragile ceasefire between Israel and Iran, despite mutual accusations of violations. President Trump confirmed that the truce remains in effect, though he expressed frustration with both sides,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
Limlingan noted that Brent crude oil prices fell by 6.10 percent to USD 67.14 per barrel, as traders grew increasingly confident that the ceasefire would mitigate the risk of supply disruptions in the Middle East.
Among the sectors, Mining and Oil and Property were the biggest gainers, rising by 1.49 percent and 1.94 percent, respectively. However, the Financial and Industrial sectors closed in the red.
Advancers outnumbered decliners, with 97 stocks advancing compared to 83 declining, while 60 counters remained unchanged.
In currency trading, the peso strengthened, closing at 56.71 to a dollar, up from 57.16 on Tuesday. It opened at 56.80 and traded within a range of 56.65 to 56.81, with the weighted average for the day settling at 56.72.
However, the volume of trade declined to USD 1.55 billion, down from USD 2 billion in the previous trading day.