Manila: The Philippine Stock Exchange index (PSEi) reversed course and closed lower on Wednesday, alongside the peso, partly due to concerns about overseas geopolitical developments. The PSEi fell 0.45 percent to 6,372.95, while the broader All Shares index rose 0.18 percent to 3,555.00. Half of the sectoral gauges gained during the day, namely Mining and Oil, 1.92 percent; Industrial, 0.91 percent; and Financials, 0.28 percent. On the other hand, Property slipped by 1.45 percent, followed by Holding Firms, 0.84 percent, and Services, 0.74 percent. According to Philippines News Agency, trading volume reached 1.13 billion shares worth PHP6.94 billion. Advancers outnumbered decliners, 104 to 94, with 77 issues unchanged. RCBC chief economist Michael Ricafort said the PSEi tracked declines in US markets, which fell 0.3 percent to 1.4 percent from near record highs, after reports that the US Navy shot down an Iranian drone near an aircraft carrier in the Arabian Sea. Wednesday's drop in the main index followed a surge a day earlier, which the British Chamber of Commerce of the Philippines (BCCP) attributed to improved investor sentiment despite ongoing challenges. The gains, according to BCCP, were driven by government efforts to reaccelerate economic activity, expectations of renewed monetary easing, and measures to manage inflation, among others. BCCP Chair Chris Nelson stated that these developments set a positive tone for the Philippines' ASEAN Chairship and further position the country as a strategic trade and investment partner for its regional and global peers such as the UK. To help sustain economic growth and support technological readiness, the BCCP expressed support for the Cybersecurity Act, Digital Payments Act, and Blue Economy Act, which it said would strengthen digitalization and boost the country's competitiveness. Meanwhile, geopolitical concerns also weighed on the peso, which weakened to 58.97 against the US dollar from 58.89 the previous day. The currency opened at 58.95, traded between 58.94 and 58.97, and averaged 58.96. Trading volume rose to USD1.21 billion from USD1.08 billion.