Manila: The Philippine Stock Exchange index recovered Tuesday on bargain hunting, but the Philippine peso weakened against the US dollar. The main equities index rose 0.34 percent to 6,122.71 points and the broader All Shares by 0.24 percent to 3,691.59 points. Most of the sectors also gained during the day, namely Mining and Oil, 2.11 percent; Property, 1.66 percent; Services, 0.64 percent; Financials, 0.29 percent; and Holding Firms, 0.004 percent. Only the Industrial index finished in the red after it declined 0.93 percent. Volume reached nearly 1.99 billion shares, amounting to PHP6.23 billion. Advancers led decliners at 111 to 85, while 60 shares were unchanged.

According to Philippines News Agency, 'The market moved higher today as investors sought to buy at cheaper prices following yesterday's decline,' Luis Limlingan, Regina Capital Development Corporation head of sales, said. 'Despite weaker industrial production data, equities still rose, likely supported by further declines in bond yields, which may be boosting investor sentiment toward stocks,' he added. On the other hand, the local currency depreciated against the US dollar and finished the trade at 56.98 from day-ago's 56.69 close. It opened the trade sideways at 56.69, and traded between 56.66 and 57.00. Average for the day stood at 56.84. Volume rose to USD1.72 billion from Monday's USD1.32 billion.