The Philippine Stock Exchange Index (PSEi) rose 31.09 points, or 0.53 percent, to 6,069.26 on Wednesday, while the peso continued to weaken, falling to P61.62 per US dollar from P61.36 in the previous session.

Sentiment improved amid signs of easing geopolitical tensions in the Middle East, particularly reports of continued diplomatic engagement between the United States and Iran, which helped keep global oil prices subdued and eased immediate inflation concerns for oil-importing economies such as the Philippines.

Muted trading activity

Trading activity, however, remained relatively muted. Net value turnover reached P3.94 billion, while foreign investors remained net sellers, posting net outflows of P79.59 million, albeit significantly lower than the previous session’s level.

Sector performance was mixed. Financials led the advance, gaining 0.93 percent as investors accumulated banking stocks following recent weakness. Mining and oil stocks, meanwhile, declined 1.44 percent, making the sector the day’s biggest loser amid softer commodity and energy prices.

Among index members, Jollibee Foods Corp. emerged as the top gainer, climbing 4.09 percent to P140.00. DigiPlus Interactive Corp., on the other hand, remained under pressure, falling 5.30 percent to P11.08.

In the foreign exchange market, the peso closed at P61.62 per US dollar, weaker than Tuesday’s P61.36 finish. The local currency depreciated by about 26 centavos, or 0.43 percent, during the session. It traded within a range of P61.55 to P61.65, while the Bankers Association of the Philippines’ weighted average rate settled at P61.607.