The local bourse finally snapped its five-day losing streak, while the peso slid to a fresh record low of P61.56 on Wednesday as the energy shock’s impact on equity and foreign exchange markets persisted.

The benchmark Philippine Stock Exchange Index (PSEi) rebounded to 5,907.89, up 0.70%, snapping a five-day slide as investors engaged in bargain hunting after consecutive declines since US President Donald Trump announced an extension of the ceasefire a week ago.

Despite the absence of a concrete peace deal, turnover improved to P6.61 billion—above the year-to-date average—while foreign investors turned net buyers with P279.59 million in inflows, likewise ending a 12-day streak of outflows.

Sectoral performance was mixed, with services leading (+1.33%), while property stocks lagged. Stock-specific moves reflected selective buying, with Ayala-backed renewable energy firm ACEN Corporation leading gainers, up 4.14% after announcing it would supply all Lawson convenience stores nationwide with 100% renewable energy.

China Banking Corporation declined sharply by 5.95%, driven primarily by ex-dividend trading around April 29, when the stock adjusted lower as new buyers were no longer entitled to its recently declared cash dividends. This typical price drop was likely amplified by profit-taking from investors who accumulated shares ahead of the payout.

Despite the equity rebound, the peso weakened further to P61.56 per US dollar from P61.30 previously, marking another record-low close. Based on data from the Bankers Association of the Philippines, the peso also reached an intraday high of P61.62 before settling at its new record low—marking the eighth time the currency has closed at historic weakness since the Middle East conflict escalated in March.

Over the past 24 hours, elevated oil prices—remaining above $100 per barrel due to Middle East tensions and disruptions in the Strait of Hormuz—have continued to pressure energy-importing economies like the Philippines, worsening trade deficits and inflation outlooks.

The lack of progress in US–Iran negotiations has reinforced safe-haven demand for the US dollar, lifting the dollar index and weighing on emerging-market currencies. Regional peers such as the Indonesian rupiah have also weakened under similar conditions and ahead of key signals from the US Federal Reserve.

In a Wednesday episode of the DAILY TRIBUNE program Straight Talk, Michael Ricafort, chief economist of Rizal Commercial Banking Corporation (RCBC), said the peso’s recent depreciation ranks among the weakest in the region.

“Since the start of the war, from P57.66 … the peso has already depreciated by close to 7 percent. So, meaning to say, well, the peso is one of the worst performers among Asian countries,” he said, noting the dollar has likewise appreciated by 6 percent since the war’s escalation.