The local bourse rose 0.17 percent to 6,116.53 while the peso appreciated to P62.513 from the previous P62.625 per US dollar. Despite the peso’s recovery, pressures remain. Shipping activity through the Strait of Hormuz has slowed sharply, while oil prices have risen 25 percent since early August.
Philippine equities extended their recovery Wednesday, with the benchmark Philippine Stock Exchange Index (PSEi) rising 10.54 points, or 0.17 percent, to 6,116.53, while the peso appreciated 11.2 centavos, or 0.18 percent, to P62.513 per US dollar, as investors continued bargain hunting amid persistent geopolitical and economic concerns.
The external backdrop remained difficult as renewed US-Iran tensions pushed oil prices higher. Brent crude approached $100 a barrel, reaching around $99.02, while WTI touched $93.95.
Concerns over energy supplies, maritime trade
The latest escalation, including Iranian missile strikes against a US base in Jordan and attacks on vessels near the Strait of Hormuz, raised concerns over Gulf energy supplies and maritime trade.
Foreign investors provided additional support, posting P219.10 million in net inflows. However, the advance lacked broad conviction, with 106 decliners against 88 advancers and turnover at P5.63 billion.
Sector gains led by services
Services led sector gains, rising 1.59 percent, while conglomerates fell 1.29 percent. Globe Telecom Inc. climbed 3.10 percent to P1,632.00, making it the top index gainer, while ACEN Corp. dropped 4.09 percent to P2.58. The narrow advance and negative breadth suggested selective bargain hunting rather than a broad shift to risk-on positioning.
Meanwhile, the peso opened at P62.50 and traded between P62.43 and P62.55. The BAP weighted average stood at P62.487, while trading volume rose to about $1.681 billion.
Peso recovered by underlying pressures remain
Despite the peso’s recovery, underlying pressures remained. Shipping activity through the Strait of Hormuz has slowed sharply, while oil prices have risen about 25 percent since early August. Prolonged energy disruptions could further increase demand for dollars and worsen imported inflation
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