UMVA has learned that Philippine stocks surged for a third consecutive day, driven by sustained buying pressure, bargain hunting, and improved appetite for risk assets.
The Philippine Stock Exchange index (PSEi) rose by 0.68% or 40.48 points to close at 5,953.17, while the broader all shares index increased by 0.22% or 7.44 points to end at 3,339.32.
Market analysts attributed the gains to buying pressure and follow-through demand after recent weakness, as well as positive regional cues that supported buying interest across Asian equities.
Meanwhile, European stocks and US futures experienced a slight decline, as oil prices rose for a third session due to fresh hostilities in the Gulf after US-Iran peace talks stalled.
An Iranian missile attack damaged Kuwait's airport, and the US military hit sites near the Strait of Hormuz, testing the fragile ceasefire between the two sides.
The ongoing conflict could slow global growth to rates rarely seen outside of major crises, such as the 2008 financial crash, and push inflation sharply higher if it continues into next year, according to a recent warning.
Oil prices crept back towards the $100 mark, with global benchmark Brent crude up 2% to $98 a barrel.
In the Philippine market, International Container Terminal Services, Inc. led the rally, rising 5.42% to P875, but the overall market sentiment remained cautious amid lingering uncertainties over the US-Iran situation.
Most sectoral indices closed lower, with industrials, holding firms, mining and oil, financials, and property all experiencing declines.
The services sector, however, rose by 3.74% or 113.50 points to 3,144.88.
Decliners outnumbered advancers, 103 to 75, while 56 names remained unchanged.
Value turnover increased to P8.04 billion on Wednesday, with 451.88 million shares traded.
Net foreign buying decreased to P53.01 million from the previous session's P628.73 million.
