PH stocks jump, peso strengthens to P59.43:$1 on US-Iran ceasefire

Philippine financial markets posted significant gains on Wednesday to hit nearly four-week highs, amid hopes of an easing conflict in the Middle East as the United States and Iran agreed to a two-week ceasefire.

The Philippine Stock Exchange index (PSEi) gained 132.04 points or 2.22% to close at 6,089.91. This is the best showing of the local stock barometer since it closed at 6,113.58 on March 12, 2026. The broader All Shares index gained 65.00 points or 1.94% to close 3,415.16.

Nearly all sector indices posted double-digit gains—mining and oil (6.86%), property (4.39%), financials (2.20%), services (1.93%), holding firms (1.87%), and industrial (0.80%).

“The Philippine market closed significantly higher, driven by a sharp shift in global sentiment after the United States and Iran agreed to a temporary two-week ceasefire, easing geopolitical tensions and boosting risk appetite,” Regina Capital Development Corp. head of sales Luis Limlingan said in a mobile message.

This came after US President Donald Trump agreed to a ceasefire with Iran just hours before a deadline to reopen the Strait of Hormuz or face possible strikes. The deal depends on Iran lifting its blockade on the strait, which carries about a fifth of global supply.

This comes as US President Donald Trump agreed to a ceasefire with Iran less than two hours before his deadline for Tehran to reopen the Strait of Hormuz or face attacks on its civilian infrastructure. Trump said the last-minute deal was subject to Iran’s agreement to pause its blockade of oil and gas supplies through the strait which handles around a fifth of global supplies.

For his part, Iran’s foreign minister Abbas Araqchi said the country would stop counterattacks and allow safe passage.

“This development also strengthened the peso and improved investor confidence, further supporting gains in the market,” Limlingan added.

Peso gains

The Philippine peso gained 90 centavos to close at P59.43:$1 from Tuesday’s finish of P60.33:$1 to mark its best showing since March 12, 2026 when it closed at P59.385:$1.

Limlingan’s remarks were mirrored by Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort, who said the ceasefire, along with the decline in global crude prices, are expected to impact local pump prices which have increased for 15 straight weeks for diesel and kerosene, and 13 for gasoline.

“[B]oth lower crude oil price and stronger peso could lead to rollback in fuel pump prices,” he said in a separate mobile message.

Moving forward, Ricafort said the P59 level will remain the psychological support mark, with immediate major support at P58.70 to P59.10 levels. — BM, GMA News