Philippine equities extended their gains on Wednesday, with the Philippine Stock Exchange index (PSEi) closing at 6,158.33, up 31.67 points or 0.52 percent.

The local market continued its recovery as investors took cues from developments in global energy markets. US President Donald Trump’s comments signaling a desire for the conflict to end — while warning that any prolonged closure of the Strait of Hormuz could prompt further retaliatory action against Iran — raised hopes that supply disruptions tied to tensions in the Middle East may be mitigated.

In addition, reports that International Energy Agency (IEA) member countries could release emergency oil reserves to stabilize global supply helped temper concerns over the conflict’s impact on energy prices.

Total value turnover reached P6.64 billion, while foreign investors remained cautious, posting net outflows of P219.41 million.

Sector performance was mixed, with Mining & Oil leading the market after climbing 4.66 percent, while Holding Firms lagged, declining 0.79 percent. Market breadth remained positive as advancers outpaced decliners, 131 to 66.

Among index members, DigiPlus Interactive Corp. (PLUS) emerged as the top gainer, jumping 7.62 percent to P19.20, while Emperador Inc. (EMI) was the worst performer, falling 2.61 percent to P14.92.

Meanwhile, the Philippine peso weakened to around P59.17 per US dollar, depreciating from Tuesday’s close near P58.90, though still stronger than the P59.50 level recorded last Monday.

The peso’s recent movement toward the P59 level reflects a combination of global energy shocks, geopolitical tensions and persistent strength in the US dollar. Over the past week, markets were rattled by the escalating conflict involving Iran, Israel and the United States, which threatened shipping through the Strait of Hormuz — one of the world’s most critical oil chokepoints, carrying roughly a fifth of global oil trade.

Fears of supply disruptions pushed Brent crude prices sharply higher — at one point exceeding $100 per barrel — before easing toward the $80–$90 range after signals of possible de-escalation and potential emergency oil reserve releases by the IEA.

Energy markets remain volatile as shipping attacks and military activity around the Gulf continue to threaten supply routes and diesel flows, raising concerns about inflation and slower global growth.

Even as oil prices eased slightly and risk sentiment improved, the dollar remained supported by US Treasury yields above 4 percent and expectations that US interest rates will remain elevated, encouraging capital flows into dollar assets.