Manila: Bargain-hunting ended the Philippine Stock Exchange index's (PSEi) slide on Thursday, benefiting the peso which closed sideways against the US dollar. After a two-day slide, the local bourse's main index rose 1.53 percent to 6,487.53 points, and the All Shares by 0.68 percent to 3,660.70 points.

According to Philippines News Agency, most of the sectoral indices also gained during the day, namely Services, 2.02 percent; Property, 1.54 percent; Financials, 1.45 percent; Holding Firms, 1.14 percent; and Industrial, 0.18 percent. Only Mining and Oil shed during the day and fell 1.02 percent. Volume reached 2.02 billion shares amounting to PHP7.29 billion. Advancers led decliners at 115 to 96, while 58 shares were unchanged.

A market report by Philstocks Financial Inc. noted, "The local market bounced back as investors resumed their bargain hunting. Buying was supported by hopes that the BSP (Bangko Sentral ng Pilipinas) will go for another rate cut in their upcoming policy meeting, and that the local economy would eventually be able to get back to its fast growth pace."

This positive close benefited the local currency, which ended at 59.46 against the US dollar from a 59.44 finish Wednesday. It opened the day sideways at 59.43 and traded between 59.35 and 59.47. Average for the day stood at 59.44. Volume increased to USD1.08 billion from day-ago's USD951 million.