The benchmark Philippine Stock Exchange index went up by 51.93 points or 0.73% to close at 7,167.02 on Wednesday, while the broader all shares gained by 24.22 points or 0.64% to 3,794.75.
“The market gained, following the positive cues from the US markets overnight and the drop in global oil prices lifted the sentiment. Investors digest the developments in the Russia-Ukraine war after their face-to-face talks. In addition… the lockdown in China pulled global oil prices down. This, somehow, lifts the market sentiment at home,” Philstocks Financial Research Associate Claire T. Alviar said in a Viber message.
Russia said on Tuesday it plans to scale down military operations around the Ukrainian capital, Kyiv, while Ukraine might adopt a neutral status that may help de-escalate the five-week war, Reuters reported. Meanwhile, oil prices rose more than 2% on Wednesday. Brent crude futures were up $2.6 or 2.4% at $112.81, while US West Texas Intermediate crude futures rose $2.7 or 2.5% to $106.84 a barrel.