Manila: The local stock market rebounded on Tuesday as investors engaged in bargain hunting, while the Philippine peso weakened against the US dollar. The Philippine Stock Exchange index (PSEi) climbed 1.51 percent to 6,126.22, while the broader All Shares index gained 0.72 percent to 3,365.14.

According to Philippines News Agency, most sectoral indices closed higher, led by Services, which surged 3.53 percent. It was followed by Industrials, up 1.07 percent; Financials, 0.60 percent; and Holding Firms, 0.17 percent. However, Mining and Oil declined 0.83 percent, while Property slipped 0.04 percent. Volume was thin at 705.87 million shares amounting to PHP6.83 billion. Advancers led decliners at 85 to 83, while 66 shares remained unchanged.

Philstocks Financial Inc. mentioned, 'The local market bounced back as investors hunted for bargains following the two straight days of losses, the latter being a steep one.' The brokerage noted that trading volume remained light as investors 'stayed on the sidelines amid lingering risk, primarily those pertaining to the US-Iran situation and the Philippines' growth and inflation outlook.'

Meanwhile, the peso weakened to 61.35 against the US dollar from Monday's close of 61.12. The local currency opened at 61.16, compared to 60.80 in the previous session. It traded between 61.16 and 61.35 during the day, with an average rate of 61.35. Dollar trading volume eased to USD2.3 billion from USD2.4 billion in the previous session.