Manila: Bargain-hunting sustained the rise of the Philippine Stock Exchange index (PSEi) on Wednesday, and the Philippine peso improved against the U.S. dollar. The local bourse's main index rose 0.17 percent to 6,116.53 points, and the broader All Shares increased by 0.04 percent to 3,385.85 points.

According to Philippines News Agency, half of the sectoral gauges followed the upward trend, with Services increasing by 1.59 percent, Mining and Oil by 0.55 percent, and Industrial by 0.05 percent. Conversely, Holding Firms slipped by 1.29 percent, Property by 0.82 percent, and Financials by 0.12 percent. The trading volume reached nearly 940 million shares, amounting to PHP5.9 billion, with decliners leading advancers at 106 to 88, while 55 shares remained unchanged.

Luis Limlingan, head of sales at Regina Capital Development Corporation, noted that the local index closed slightly higher as trading remained cautious, with investors continuing to focus on selected index heavyweights. Market sentiment also improved as the Philippine peso showed some relief against the US dollar. However, he pointed out that the upside remained limited as investors maintained a selective approach amid prevailing economic uncertainties.

The local currency gained strength, finishing the day at 62.51 against the greenback, improving from its 62.62 close on Tuesday. It opened the trade at 62.5, ranging between 62.43 and 62.55, with an average for the day at 62.48. The trading volume for the peso reached USD1.68 billion, up from the previous day's USD1.39 billion.