Manila: Bargain-hunting drove the Philippine Stock Exchange index (PSEi) to recover on Tuesday, but the Philippine peso made a U-turn and weakened against the US dollar. The local bourse's main index rose 0.37 percent to 6,105.99 points, and the broader All Shares rose by 0.17 percent to 3,384.57 points.

According to Philippines News Agency, most sectoral gauges ended in the red, except for Mining and Oil and Services, which rose 2.4 percent and 1.81 percent, respectively. The sectors that declined included Financials by 0.78 percent, Property by 0.29 percent, Holding Firms by 0.25 percent, and Industrial by 0.20 percent. Volume was thin at 558.78 million shares, amounting to PHP4.39 billion, with decliners leading advancers at 102 to 89, while 71 shares remained unchanged.

While bargain-hunting lifted the main index, Philstocks Research noted in a market report that 'sentiment remains cautious,' as shown by some market figures at the end of the day's trade. This cautious stance also affected the local currency, which ended the day at 62.62, weaker than the previous session's 62.58. The peso opened the day at 62.57 and traded between 62.67 and 62.48, averaging at 62.56. Volume increased to USD1.39 billion from the previous session's USD1.19 billion.