Manila: Local shares rose on Wednesday after two consecutive days of decline this week, while the peso moved sideways. The Philippine Stock Exchange index (PSEi) gained 0.63 percent to 6,375.35, while All Shares increased by 0.47 percent to 3,737.94.

According to Philippines News Agency, except for Industrial and Property, which declined by 0.08 percent and 0.60 percent, respectively, all sectors closed in the green. "Philippine shares booked modest growth on Wednesday, gaining 0.63 percent despite a slow start earlier in the session, as investors looked for new catalysts following the earnings season," said Regina Capital Development Corp. Head of Sales Luis Limlingan. Advancers led decliners at 107 to 81.

Meanwhile, the peso moved sideways, closing at 55.66 to a dollar from the previous 55.63 finish. It opened at 55.58 and traded between 55.56 to 55.7. The weighted average of the day settled at 55.61. The volume of trade fell to USD1.51 billion from USD1.99 billion.