Manila: The Philippine Stock Exchange index (PSEi) closed lower on Wednesday as renewed military conflict in the Middle East pushed oil prices up and the peso to a record low. The local bourse's main index shed 0.67 percent to close at 6,053.23 points, while the broader All Shares index fell by 0.31 percent to 3,352.61 points.

According to Philippines News Agency, only the industrial sector gained during the day, rising by 0.38 percent. Meanwhile, services led the decliners with a 1.46 percent drop. It was followed by financials, down 0.41 percent; property, 0.34 percent; holding firms, 0.29 percent; and mining and oil, 0.16 percent. Trading volume was thin at 610.46 million shares, amounting to PHP5.69 billion, with decliners outnumbering advancers 101 to 79, while 65 shares remained unchanged.

Philstocks Research noted in a market report that the local market pulled back due to the rise in global yields and oil prices amid the renewed military exchanges between the US and Iran. The fall of the peso to a new record low also contributed to the market's decline. The local currency weakened further against the US dollar, closing at 62.56 from Tuesday's finish of 62.40. It opened the trading session at 62.40 and traded between 62.40 and 62.69, with the day's weighted average standing at 62.61. Volume rose to USD1.83 billion from the USD1.31 billion recorded the previous day.