Manila: The Philippine Stock Exchange index (PSEi) staged a modest recovery on Thursday as investors capitalized on discounted shares, while the local currency held steady. The PSEi gained 0.70 percent to close at 5,958.64 points, while the broader All Shares index rose 0.54 percent to 3,318.11 points.

According to Philippines News Agency, the local index closed higher as bargain hunting prevailed following the steep sell-down in the previous session. Investors took advantage of lower valuations after the recent decline. However, sentiment remained measured amid ongoing market uncertainties partnered with the Fed rate hike, limiting the market rebound. After its two-day meeting that ended on Sept. 16, the US Federal Reserve increased benchmark interest rates by 0.25 percentage points to a target range of 3.75 percent to 4 percent, the first hike since 2023, as inflation remains above the 2-percent target.

Most sectoral gauges also finished in positive territory, led by Holding Firms, which rose 1.45 percent; Services, up 1.18 percent; Industrial, 0.94 percent; and Mining and Oil, 0.88 percent. On the other hand, Financials dipped by 0.82 percent and Property shed 0.25 percent. Volume reached 747 million shares, amounting to PHP25.5 billion. Decliners surpassed advancers, 97 to 93, while 66 shares remained unchanged.

Meanwhile, the local currency finished the day's trade at PHP62.73 against the greenback, little changed from its Wednesday close of 62.739. It opened at 62.83 and traded between 62.72 and 62.85, bringing the day's average to 62.78. Volume reached USD1.27 billion, down from the USD1.35 billion recorded the previous day.