Manila: Optimism surrounding the renewed US-China trade talks provided a boost to the local stock market on Wednesday, while the peso remained stable against the US dollar. The Philippine Stock Exchange index (PSEi) saw an increase of 0.53 percent, closing at 6,381.32 points.

According to Philippines News Agency, the All Shares index also experienced an uplift, rising by 0.47 percent to 3,776.19 points. Among the sectoral indices, Industrial posted the highest gain with a 0.96 percent rise. This was followed by Holding Firms at 0.91 percent, Property at 0.87 percent, Services at 0.72 percent, Mining and Oil at 0.53 percent, and Financials at a modest 0.03 percent increase.

The trading volume reached 897.37 million shares, amounting to PHP7.14 billion. The market saw more advances than declines, with 104 stocks gaining against 91 that fell, while 44 remained unchanged. Regina Capital Development Corp. head of sales, Luis Limlingan, remarked that Philippine shares rebounded on optimism over the ongoing US-China trade talks, which continued for a second day in London. Limlingan cited reports quoting US Commerce Secretary Howard Lutnick, indicating that the discussions might extend further into Wednesday (London time). Investors are keenly observing the talks for any potential deal that could prevent the imposition of steep tariffs, following the temporary duty cuts last month.

Limlingan also highlighted China's trade performance in May, which showed a 4.8 percent rise in exports and a 3.4 percent drop in imports, figures that were below market expectations despite the US tariff rollback. Meanwhile, the Philippine peso ended the trading day at 55.88 against the US dollar, compared to its previous close of 55.83. The peso opened the day at 55.8, slightly changed from its 55.75 start the day before, trading between a range of 55.9 and 55.78, with an average of 55.85. The trade volume for the local currency increased to USD1.23 billion, up from the previous day's USD1.15 billion.