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MANILA, Philippines — On Tuesday, the main stock index rose on reports of a possible truce in the Russia-Ukraine war, while the peso remained stuck in a sideways range against the US dollar.

The Philippine Stock Exchange index (PSEi) increased 0.93 percent to 7,440.91 points or 68.66 points.

The Dow Jones Industrial Average rose 0.56 percent, or 21.85 points, to 3,938.51 points.

The majority of sectoral indexes, including Holding Firms, 1.91 percent, Mining and Oil, 1.86 percent, Services, 1.14 percent, and Industrial, 0.45 percent, all gained during the day.

Property, on the other hand, fell 0.22 percent, while Financials fell 0.10 percent.

3.13 billion shares were traded, totaling PHP12.85 billion.

At 98 to 94, decliners outnumbered advancers, while 54 shares remained unchanged.

“With (the) US market still on holiday, Philippine investors put bets on the back of news reports of the short-lived strong chances of a summit for a ceasefire,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

According to reports, after recognizing Donetsk and Luhansk as independent states, Russian President Vladimir Putin has ordered the Russian military to “keep the peace” in the two breakaway areas of Eastern Ukraine.

While investors remain cautious due to geopolitical worries abroad, the Philippine peso continues to hold its ground versus the dollar, closing the day’s trade at 51.45, up from 51.38 the day before.

It started the day at 51.4 and fluctuated between 51.48 and 51.4 during the day. The average level was 51.445.

Volume increased to USD782.4 million from USD713.5 million the day before.

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