REUTERS

PHILIPPINE STOCKS climbed for a second straight session on Wednesday as optimism that the Middle East conflict would end soon lifted market sentiment.

The Philippine Stock Exchange index (PSEi) rose by 0.83% or 49.74 points to close at 5,998.68, while the broader all shares index went up by 0.59% or 19.68 points to end at 3,353.60.

The main stock benchmark opened the session at 6,009.37, up from Tuesday’s 5,948.94 close and rising above the 6,000 line for the first time in nearly a week. It traded within a tight range, posting an intraday low of 5,992.45 and a high of 6,057.97.

Philippine financial markets are closed on April 2 and 3 in observance of Holy Week.

“PSEi extended its rebound on improving sentiment, driven by hopes of a potential US de-escalation in Iran within the next two to three weeks, which could ease external concerns. However, gains remained modest as elevated oil prices continue to pose inflationary risks, keeping investor sentiment cautious amid lingering geopolitical uncertainty,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The local market extended its rise amid hopes that the war in the Middle East would end soon. This comes after US President Donald Trump said that he expects US military forces to leave Iran in two to three weeks,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

Global stocks soared on Wednesday as hopes of a de-escalation in the Iran conflict fueled the biggest rebound in regional equities in more than three years, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 4.7%, snapping a four-day losing streak to log its biggest one-day increase since November 2022, after Mr. Trump said the US could end its military attacks on Iran in two to three weeks.

The rally shrugged off a report in the Wall Street Journal that the United Arab Emirates may enter the conflict and is lobbying for a UN Security Council Resolution to authorize it to take part in military action to force open the Strait of Hormuz. US Secretary of State Marco Rubio said Washington will have to reexamine its relations with NATO after the war ends.

Mr. Trump will provide an update on Iran in an address to the nation at 9 p.m. ET on Wednesday (0100 GMT on Thursday), White House spokeswoman Karoline Leavitt said on X.

S&P 500 e-mini futures were up 0.7%, and Nasdaq futures gained 1.1% after the post. Stocks on Wall Street soared on Tuesday as traders bet on the potential off-ramp to the war, sending the S&P 500 2.9% higher, while oil markets followed through on earlier declines in Asian trading. Brent crude futures moved 4.1% lower to $99.76 a barrel.

Most sectoral indices closed higher on Wednesday. Mining and oil leaped by 6.36% or 1,003.89 points to 16,773.34; holding firms jumped by 2.07% or 95.89 points to 4,723.64; financials advanced by 1.89% or 34.89 points to 1,881.24; services climbed by 0.53% or 14.58 points to 2,721.98; and property increased by 0.35% or 7.10 points to 1,987.71.

Meanwhile, industrials went down by 1.38% or 123.21 points to 8,792.84.

Advancers outnumbered decliners, 112 to 87, while 55 names were unchanged.

“Ayala Corp. was the day’s index leader, jumping 6.06% to P534.00. Century Pacific Food, Inc. was the worst index performer, declining 4.29% to P33.50,” Mr. Tantiangco said.

Value turnover went down to P7.97 billion on Wednesday with 1.18 billion shares traded from the P9.82 billion with 1.04 billion issues that changed hands on Tuesday.

Net foreign selling increased to P1.2 billion from P712.33 million in the previous session. — Alexandria Grace C. Magno with Reuters

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