Manila: Hopes for lower final tariff rates in the United States lifted the local bourse on Wednesday, but the peso weakened against the US dollar.

According to Philippines News Agency, the Philippine Stock Exchange index (PSEi) rose by 1.10 percent to 6,504.34 points, and the All Shares by 0.88 percent to 3,817.62 points. Most of the sectoral indices also gained during the day, with Services increasing by 2.52 percent, Property by 2.38 percent, Industrial by 1.08 percent, and Holding Firms by 0.93 percent. However, Financials fell by 0.77 percent and Mining and Oil by 0.05 percent.

Trading volume reached 1.41 billion shares, amounting to PHP7.79 billion. The market saw more gainers than losers, with 110 stocks advancing, 90 declining, and 50 remaining unchanged.

Regina Capital Development Corporation head of sales Luis Limlingan stated, "Philippine shares edged higher on optimism that the final US tariff rates may be less severe than initially feared." He also noted that the prices of gold in the international market slipped due to reduced demand for safe-haven assets, pressured by a stronger dollar and rising US Treasury yields.

Meanwhile, the peso ended the day at 56.57 to a greenback, weaker than its 56.35 close on Tuesday. It opened the trade flat at 56.55 and traded between 56.62 and 56.48, with an average level for the day standing at 56.57. The trading volume reached almost USD1.39 billion, which was lower than the previous day's USD1.67 billion.