Philippine equities extended their rally for a sixth consecutive session on Wednesday, delivering the strongest closing level in more than four months despite renewed geopolitical tension between the United States and Iran.
The Philippine Stock Exchange index rose 0.45%, adding 28.66 points to finish at 6,275.77, while the broader all‑shares index gained 0.36%, ending at 3,405.15. Both levels marked the highest close since early March.
Luis A. Limlingan, head of sales at Regina Capital Development Corp., noted that buying momentum persisted, supporting the market’s upward trajectory. He cautioned that escalating Middle East tensions prompted traders to adopt a more guarded approach.
Profit‑taking activity in the afternoon trimmed earlier gains, yet the index remained in positive territory. The market reached an intraday peak of 6,290.68, reflecting continued investor confidence.
A market note highlighted that the rally continued without breaching the 6,300 threshold, as renewed U.S. strikes on Iran lifted oil prices and dampened regional risk sentiment. The index’s outperformance was attributed largely to a 2.15% rise in International Container Terminal Services shares, which closed at 950 pesos.
The U.S. president declared that a memorandum aimed at ending the conflict with Iran was “over” and expressed a refusal to engage with Tehran, describing its leadership in harsh terms. He also announced a directive to cut off trade ties with Spain, labeling the partner as problematic.
Following recent attacks on three tankers, the United States launched additional military strikes against Iran and revoked a license that had permitted Iranian oil sales. These actions further strained an already fragile ceasefire.
Sectoral performance was mixed, with mining and oil indices falling 1.41% to 14,419.32 points, holding firms slipping 0.37% to 4,448.96 points, financials down 0.36% to 1,939.54 points, and property declining 0.09% to 1,894.69 points.
Conversely, the services sector rose 2.27% to 3,365.83 points, while industrials increased 0.36% to 8,444.68 points, indicating selective strength within the market.
Market breadth remained negative, with 98 decliners outnumbering 80 advancers and 55 stocks unchanged. The disparity underscored a cautious trading environment despite overall gains.
Value turnover decreased to 5.06 billion pesos, with 820.31 million shares changing hands, down from the previous day’s 5.69 billion pesos and 1.02 billion shares. The reduced activity reflected a more measured market pace.
Net foreign buying rose to 789.03 million pesos, up from 770.42 million pesos in the prior session, indicating continued interest from overseas investors. This inflow helped sustain the market’s upward momentum.
