Philippine equities ended sharply higher Wednesday, tracking rallies in Wall Street and Asian markets as crude prices eased following US President Donald Trump’s announcement of a pause in Iran operations.
The bellwether Philippine Stock Exchange Index surged 69.13 points, or 1.17 percent, to close at 5,967.21. The broader all shares index rose 26.05 points, or 0.78 percent, to 3,363.45.
“The PSEi ended higher, tracking gains across global markets as a US–Iran ceasefire held, easing concerns over escalating tensions in the Strait of Hormuz,” said Luis Limlingan, head of sales at Regina Capital Development Corp. “Sentiment improved after Washington signaled the truce remains intact, helping temper fears of further disruption to global oil supply routes.”
Trump said he will pause operations to guide stranded commercial vessels through the Strait of Hormuz for a short period to determine if a peace deal can be reached.
Limlingan noted, however, that investors remain in a wait-and-see stance ahead of the upcoming GDP release amid lingering concerns over stagflation risks.
The mining and oil index advanced the most, up 5.44 percent, followed by services, which climbed 3.28 percent. Industrials rose 0.74 percent, while holding firms and property gained 0.60 percent and 0.50 percent, respectively.
Value turnover reached P6.41 billion. However, market breadth remained negative as decliners outnumbered gainers, 103 to 93, while 56 stocks were unchanged.
Foreign investors were net buyers with inflows of P129.8 million.
The peso also closed stronger at 61.305 against the U.S. dollar Wednesday, up from 61.55 on Tuesday.
