Manila: The Philippine Stock Exchange index (PSEi) corrected Tuesday after a two-day decline, but the peso weakened against the US dollar largely due to concerns on the ongoing conflict in the Middle East. The PSEi rose 0.29 percent to 6,445.38 points, but the broader All Shares slipped by 0.28 percent to 3,557.71 points.

According to Philippines News Agency, most of the sectoral gauges also declined, led by Mining and Oil which dipped 2.24 percent. It was trailed by Industrial, 1.25 percent; Financials, 0.75 percent; Property, 0.67 percent; and Holding Firms, 0.42 percent. Only the Services index closed in positive territory during the day, increasing by 3.03 percent.

Volume reached 3.15 billion shares amounting to PHP8.92 billion. Decliners led advancers at 117 to 83, while 60 shares were unchanged.

On the other hand, the local currency finished the day at 58.43 to a U.S. dollar, weaker than its 58.2 close a day ago. It opened the day at 58.22, a depreciation from its 57.85 start in the previous session. The peso traded between 58.47 and 58.17, bringing the day's average at 58.30. Volume went down to USD1.93 billion from USD2.24 billion a day ago.

Rizal Commercial Banking Corporation chief economist Michael Ricafort said the local currency remains affected by the ongoing conflict in the Middle East amid signals on risks of longer conflict and oil supply disruptions, especially those that pass through the Strait of Hormuz and Red Sea, among others. He said these factors are expected to affect domestic oil and commodities supply, inflation, inflation expectations and monetary policies both here and the U.S.