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PSEi posts slight gain as market cheers improvement in oil prices
The Philippine Stock Exchange index (PSEi) gained 0.46 percent, closing at 5,599.55 points, influenced by a recovery in global oil prices and positive investor sentiment.
The Mining and Oil sector led the gains, while the Industrial index was the only sectoral gauge to end the day with a loss.
Global crude oil prices rebounded, with West Texas Intermediate (WTI) contracts increasing by 42 percent to USD14.23 per barrel and Brent crude rising by 8 percent.
Political tensions in the Middle East, including the US Navy's authorization to destroy Iranian gunboats, contributed to the rise in oil prices.
The local currency strengthened against the US dollar, closing at 50.67 from the previous day's 50.8.
Despite the day's gains, trading volumes were the lowest in several weeks, and the index was down by 3.4 percent for the week.
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The Philippine Stock Exchange index (PSEi) rose 1.24 percent, or 68.99 points, to 5,643.97 points on Wednesday, driven by optimism over the potential reopening of economies globally.
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The Philippine peso ended almost unchanged against the US dollar on Wednesday, closing at 50.8 to the greenback.
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