Manila: Easing global oil prices helped lift the Philippine Stock Exchange index (PSEi) on Wednesday, while the Philippine peso strengthened for a second consecutive day. The local bourse's main index rose 1.17 percent to 5,967.21 points, while the broader All Shares index gained 0.78 percent to 3,363.45 points.

According to Philippines News Agency, most sectoral indices advanced, led by Mining and Oil, which surged 5.44 percent. This was followed by Services, up 3.28 percent; Industrial, 0.74 percent; Holding Firms, 0.60 percent; and Property, 0.50 percent. Only Financials declined, slipping 0.84 percent.

Trading volume reached 1.35 billion shares valued at PHP7.64 billion. Decliners outnumbered advancers, 103 to 93, while 56 shares were unchanged. Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said in a market report that 'global crude oil prices corrected to one-week lows, after (US President Donald) Trump signaled great progress toward a complete and final agreement with representatives of Iran to end the war with Iran.' He added that another positive factor was the third consecutive day of net foreign buying in the local bourse.

Meanwhile, the local currency strengthened further against the US dollar, closing at 61.30 from 61.66 in the previous session. The peso opened at 61.35, firmer than Tuesday's 61.69 start, and traded within a range of 61.46 to 61.30, bringing the day's average to 61.37. Volume rose to USD1.46 billion from USD1.2 billion the previous day.