Manila: The Philippine Stock Exchange index (PSEi) rebounded Tuesday on bargain hunting after recent volatility linked to tensions in the Middle East, while the peso weakened further against the U.S. dollar. The local bourse's main index rose 1.35 percent to 5,948.94, while the broader All Shares index gained 1.16 percent to 3,333.92.

According to Philippines News Agency, most sectoral indices ended higher, led by Mining and Oil, which climbed 2.53 percent. Holding Firms rose 2.49 percent; Property, 2.29 percent; Industrial, 1.91 percent; and Financials, 1.03 percent. Services was the lone decliner, slipping 0.43 percent. Market activity saw volume reach 1.04 billion shares valued at PHP9.81 billion. Advancers outnumbered decliners, 124 to 79, while 62 issues were unchanged.

Luis Limlingan, head of sales at Regina Capital Development Corporation, stated, 'Philippine equities rebounded to end the quarter as bargain hunting emerged. Investors took advantage of lower valuations following recent market weakness, lifting overall sentiment.' Limlingan also mentioned that cautious optimism was fueled by reports of U.S. President Donald Trump signaling willingness to end the Iran conflict without requiring the reopening of the Strait of Hormuz.

Meanwhile, the peso closed weaker at 60.74 against the U.S. dollar from 60.69 the previous day. It opened at 60.65, compared to 60.55 in the prior session, and traded between 60.75 and 60.58, with an average of 60.67. Foreign exchange volume declined to USD1.59 billion from USD2 billion a day earlier.