Manila: Sustained bargain-hunting and positive energy sector developments pushed the Philippine Stock Exchange index (PSEi) higher on Tuesday, while the Philippine peso recovered ground against the U.S. dollar. The local bourse's main index jumped 1.95 percent to close at 5,912.69 points, while the broader All Shares index gained 1.41 percent to settle at 3,331.88 points.

According to Philippines News Agency, all sectoral gauges ended in the green, led by the Services sector, which surged 4.85 percent, followed by Mining and Oil at 2.78 percent. Other sectors also saw gains, with Industrial up by 1.09 percent, Holding Firms by 0.69 percent, Property by 0.49 percent, and Financials by 0.17 percent. Trading volume remained thin at 638.23 million shares, amounting to PHP6.8 billion. Advancers outnumbered decliners, with 98 stocks gaining against 79 that fell, while 60 shares remained unchanged.

The market received a boost from the significant rollback in fuel prices, which is expected to aid in managing the country's inflation. Additionally, the government's initiative to establish a strategic petroleum reserve program contributed positively to the day's trading session, as noted in a market report by Philstocks Financial Inc.

Meanwhile, the Philippine peso showed resilience against the U.S. dollar, closing the day at 61.67, an improvement from Monday's 61.74. The peso started the day weaker at 61.74 compared to the previous day's 61.65, trading within a range of 61.75 to 61.65, with an average of 61.71 for the day. Trading volume reached USD1.3 billion, up from USD998.9 million in the previous session.