The PSEi climbed further on Wednesday, closing at 6,619.87, up 1.10 percent, as investors remained optimistic about upcoming fourth-quarter and full-year 2025 corporate earnings.

Sentiment was also buoyed after the United States pushed through a 10 percent global tariff, which came in below President Donald Trump’s earlier promise of 15 percent, easing fears of a more aggressive escalation in global trade tensions. The continued appreciation of the Philippine peso against the US dollar also helped lift risk appetite.

Improved market participation

Market participation improved, with net value turnover reaching P8.53 billion, well above the year-to-date average, while foreign investors posted net inflows of P1.85 billion, supporting the rally.

Sector performance was mixed during the session. Services stocks led the gains, rising 4.25 percent, while the property sector declined the most, falling 0.64 percent. Market breadth remained positive, with 116 advancers outpacing 91 decliners.

Among index names, Semirara Mining and Power Corp. (SCC) emerged as the top gainer, surging 6.21 percent to P28.20, while JG Summit Holdings (JGS) ended as the session’s worst performer, slipping 2.57 percent to P30.30.

Semirara: top gainer

SCC finished as the day’s top gainer as coal prices strengthened in global markets and investors rotated back into high-dividend energy stocks. Newcastle thermal coal futures rebounded toward roughly $125–$130 per ton, according to Bloomberg, after China signaled tighter inspections on some domestic mines and stronger winter power demand in North Asia.

Higher coal benchmarks typically improve Semirara’s revenue outlook since its earnings are highly sensitive to export prices. Bargain hunting also emerged after the stock’s sharp drop earlier in the week tied to uncertainty over the government’s stance on the Semirara Island contract, with investors attracted by the company’s historically high dividend yield.

JG Summit, meanwhile, lagged as investors trimmed exposure to consumer- and airline-linked conglomerates amid rising fuel prices and a cautious outlook for regional consumption.

Brent crude traded around the mid-$80 per barrel range, according to Reuters and Bloomberg, which tends to pressure airline margins for Cebu Pacific, one of JGS’s key subsidiaries. Profit-taking after recent gains and sensitivity to higher energy costs weighed on the stock relative to the rest of the index.

Peso strengthens

Meanwhile, the peso strengthened to P57.51 per dollar from about P57.75 previously, continuing a short-term recovery in the currency as the dollar weakened globally and risk appetite improved.

A pullback in the US dollar in global markets saw investors reassess the outlook for US trade policy and interest rates. Markets reacted after the US implemented a 10 percent global tariff instead of the previously proposed 15 percent by Trump, which eased fears of a more aggressive escalation in trade tensions and lifted investor sentiment toward riskier assets such as emerging-market currencies and equities. That shift encouraged capital flows back into Asian markets, including the Philippines, helping the peso appreciate.

At the same time, improving investor confidence in Philippine assets also supported the currency. The local stock market saw strong foreign inflows — about P1.85 billion in net foreign buying — as investors positioned ahead of corporate earnings and reacted to the improving currency trend.