Manila: The Philippine Stock Exchange index (PSEi) recovered on bargain hunting Wednesday, but the peso slipped anew against the United States dollar as investors continue their wait-and-see stance, partly due to the inflation outlook and developments in the Middle East.

According to Philippines News Agency, the local bourse's main gauge rose 0.53 percent to 6,069.26 points, and the broader All Shares by 0.17 percent to 3,324.78 points. Half of the sectoral indices gained, namely Financials, 0.93 percent; Industrial, 0.87 percent; and Services, 0.71 percent. On the other hand, Mining and Oil slipped by 1.44 percent; Holding Firms, 0.57 percent; and Property, 0.31 percent.

Volume remained thin at 544.05 million shares amounting to PHP4.63 billion. Decliners led advancers at 102 to 89, while 61 shares were unchanged. "Investor sentiment improved as participants picked up select names at attractive levels. The market also tracked the broader regional recovery, supporting a more positive tone. However, investors remained cautious as elevated inflation forecasts continued to weigh on market outlook," Luis Limlingan, Regina Capital Development Corporation head of sales, said.

Investors' cautiousness affected the local currency, which ended the day's trade at 61.62 to a U.S. dollar, from its 61.36 close Tuesday. It opened the day at 61.55, weaker than its 61.2 start in the previous session. It traded between 61.65 and 61.55, bringing the day's average to 61.60. Volume went down to USD1.58 billion from the previous day's USD1.63 billion.