Manila: The Philippine Stock Exchange index (PSEi) rebounded on Wednesday after five consecutive days of losses, even as the Philippine peso continued to weaken against the US dollar. The main equity gauge rose by 0.70 percent to close at 5,907.89 points, while the broader All Shares index also gained 0.70 percent to end at 3,343.60 points.

According to Philippines News Agency, half of the sectoral indices posted gains, led by Services, which climbed 1.33 percent, followed by Industrial at 1.29 percent and Financials at 0.32 percent. Meanwhile, losses were seen in Property, down 0.08 percent; Mining and Oil, down 0.06 percent; and Holding Firms, which slipped 0.03 percent. Volume reached 1.34 billion shares worth PHP7.72 billion. Advancers outnumbered decliners, 105 to 78, while 54 issues were unchanged.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the PSEi's uptick was driven by bargain hunting after recent declines. He added that investors remained cautious ahead of the US Federal Reserve's policy decision, though expectations point to a possible pause in interest rates.

In the currency market, the peso weakened further, closing at 61.56 against the US dollar, down from 61.30 in the previous session. It opened weaker at 61.20, compared with 60.80 the day before, and traded within a range of 61.20 to 61.67, averaging 61.50 for the day. Dollar volume declined to USD1.61 billion from USD1.75 billion in the prior session.