MANILA, Philippines — The Philippine Stock Exchange index (PSEi) rose on Wednesday, buoyed by investor optimism over the ceasefire between Israel and Iran, while the peso strengthened, returning to the 56 to a dollar level.

The PSEi gained 0.52% to close at 6,325.64, while the broader All Shares index inched up by 0.41% to 3,754.43.

“Philippine shares rose and oil prices sank as markets welcomed a fragile ceasefire between Israel and Iran, despite mutual accusations of violations,” said Luis Limlingan, head of sales at Regina Capital Development Corp.

Limlingan noted that Brent crude prices plunged 6.10% to USD 67.14 per barrel, as traders grew confident that the truce would ease tensions and reduce the risk of Middle East supply disruptions.

On the local bourse, the Mining and Oil and Property sectors led the rally, gaining 1.49% and 1.94%, respectively. Meanwhile, Financials and Industrials ended in negative territory.

Market breadth was positive, with 97 gainers edging out 83 losers, while 60 issues remained unchanged.

On the currency front, the peso appreciated to close at ₱56.71 to the dollar, stronger than Tuesday’s ₱57.16 close. It opened at ₱56.80 and traded between ₱56.65 and ₱56.81, with a weighted average of ₱56.72.

Trade volume, however, dipped to USD 1.55 billion, down from USD 2 billion the previous day. (PNA)