MANILA – The Philippine Stock Exchange index (PSEi) bounced back to the 6,000-level on Wednesday after seven straight sessions of decline, while the peso held steady against the US dollar.

The main index surged 1.22 percent to 6,026.03, while the broader All Shares gained 0.93 percent to 3,654.62. All sectoral counters ended higher, led by Mining and Oil (+3.19 percent), Services (+1.92 percent), and Industrial (+1.19 percent).

Market activity showed 2.46 billion shares valued at nearly PHP6.8 billion, with advancers edging out decliners, 99 to 87, while 50 issues were unchanged.

“Investors seized the opportunity to accumulate stocks at cheaper levels after the sharp declines over the past week. However, the market still needs stronger catalysts for a sustainable reversal of the prevailing downtrend,” said Luis Limlingan, head of sales at Regina Capital Development Corp.

The peso closed slightly firmer at 58.12 to the dollar from 58.19 the previous day. It opened at 58.40, touched a high of 58.08, and averaged 58.22. Trading volume rose to USD1.72 billion from USD1.69 billion on Tuesday. (PNA)