Manila: The local stock market extended gains Wednesday, while the peso rebounded against the US dollar after Tuesday's decline. The Philippine Stock Exchange index (PSEi) rose 0.37 percent to 6,498.82, while the All Shares index gained 0.37 percent to 3,606.53.

According to Philippines News Agency, Mining and Oil led sectoral gainers, up 1.55 percent, followed by Property (1.22 percent), Financials (0.83 percent), and Industrial (0.81 percent). Holding Firms slipped 0.20 percent and Services fell 0.13 percent. Trading volume reached 2.95 billion shares valued at PHP9.15 billion. Advancers outnumbered decliners, 106 to 89, while 69 issues were unchanged.

Luis Limlingan, head of sales at Regina Capital Development Corp., said the PSEi rose after MSCI's latest rebalancing showed no deletions. "The outcome boosted market optimism and eased concerns over potential outflows," he said. MSCI is the global index provider that guides large passive investment flows.

The peso, meanwhile, strengthened to 58.29 from 58.53 on Tuesday. It opened at 58.44, traded between 58.48 and 58.25, and averaged 58.39. Volume jumped to USD1.46 billion from USD1.18 billion the previous day.