Manila: Bargain hunting lifted the Philippine Stock Exchange index (PSEi) on Wednesday, and the Philippine peso followed after closing on a better level against the US dollar. The local bourse's main index rose 0.78 percent to 6,353.04 points, and the broader All Shares by 0.59 percent to 3,447.34 points. Most of the sectoral gauges also finished up, led by Holding Firms, which reached 2.72 percent, followed by Property, 1.45 percent; Industrial, 0.19 percent; Financials, 0.18 percent; and Services, 0.05 percent. Only the Mining and Oil index finished in the negative after dipping 0.73 percent.

According to Philippines News Agency, in a market report, Philstocks Research said that aside from bargain hunting, investors also noted hints from Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona, who discounted an aggressive policy tightening in the near term. 'Trading turned tepid with net value turnover at PHP6.03 billion as many take a cautious stance following the surprise attack of Iran on the US and ahead of the Federal Reserve's policy decision,' it added. The Federal Open Market Committee will have its two-day policy meeting on Sept. 15-16.

Relatively, the local currency ended the day at 61.41 to the greenback, way better than its 61.61 close on Tuesday. It opened the trade stronger at 61.65, compared to its 61.7 start in the previous session, and traded between 61.65 and 61.35, bringing the day's average to 61.48. Volume reached USD1.62 billion, up from USD1.16 billion the previous day.