The local stock barometer went up on Wednesday as markets welcomed the ceasefire between Israel and Iran, while the peso returned to the 56 to a dollar level.
The Philippine Stock Exchange index (PSEi) went up by 0.52 percent to 6,325.64 while All Shares closed at 3,754.43, also higher 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 the truce remains in effect, though he voiced frustration with both sides,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Limlingan said Brent crude tumbled 6.10 percent to USD67.14 per barrel, as traders grew increasingly confident that the ceasefire would reduce the risk of supply disruptions in the Middle East.
Mining and Oil and Property were the biggest gainers, up by 1.49 percent and 1.94 percent.
Financial and Industrial closed in the red.
Advancers outnumbered decliners at 97 to 83, leaving 60 counters unchanged.
Meanwhile, the peso strengthened, closing at 56.71 to a dollar from 57.16 on Tuesday.
It opened at 56.8 and traded between 56.65 and 56.81.
The weighted average of the day settled at 56.72.
Volume of trade, however, declined to USD1.55 billion from USD2 billion the previous trading day.*PNA
