Manila: The Philippine Stock Exchange index (PSEi) and the peso experienced an increase on Wednesday, despite the ongoing economic risks arising from the conflict in the Middle East. According to Philippines News Agency, the PSEi recorded a gain of 0.49 percent, closing at 6,055.45, while the All Shares index rose by 0.41 percent to end at 3,363.56. Several sectoral indices also marked gains, with Property up by 1.74 percent, Industrial increasing by 1.19 percent, Holding Firms rising by 0.67 percent, and Services climbing by 0.23 percent. However, the Financials sector saw a decline of 0.38 percent, and Mining and Oil decreased by 0.22 percent. The trading volume for the day reached 928 million shares, amounting to PHP5.9 billion. The market saw 113 stocks advancing, 81 declining, and 61 remaining unchanged. Philstocks Financials, Inc. noted that the local market's upward trend was supported by investors engaging in bargain hunting, influenced by Wall Street's rise overnight. The company also highlighted the legislative approval of a proposal allowing the President to suspend or reduce fuel excise taxes during emergencies as a factor contributing to investor sentiment. In the foreign exchange market, the peso strengthened against the US dollar, closing at 59.52, compared to the previous session's close of 59.80. The peso opened at 59.68 and reached an intraday high of 59.46, with an average rate of 59.56. The trading volume for the peso was USD1.78 billion, slightly lower than the previous day's volume of USD1.88 billion.