The Philippine Stock Exchange Composite Index (PSEi) finally bounced back after a seven-day decline, as investors were enticed to start bargain hunting following lower stock prices.

The main index jumped 72.57 points, or 1.22 percent, to close at 6,026.03 on Wednesday, Oct. 1, with Miners leading the charge amid high gold prices.

Volume was lower, however, at 2.46 billion shares worth ₱6.8 billion. Gainers outnumbered losers 99 to 87, with 50 unchanged.

“The PSEi climbed back above the 6,000 mark, breaking its red streak as bargain hunters drove today’s trading session. Investors seized the opportunity to accumulate stocks at cheaper levels after the sharp declines over the past week,” said Luis Limlingan, Managing Director of Regina Capital Development Corp.

He added, though, that “the market still needs stronger catalysts for a sustainable reversal of the prevailing downtrend.”

Japhet Tantiangco, Research Manager at Philstocks Financial, said, “The local market snapped its 7-day losing streak as investors hunted for bargains.”

He noted that expectations that inflation last September remained benign, following the BSP’s 1.5 percent to 2.3 percent range forecast, helped in Wednesday’s trading. “The positive cues from Wall Street also gave the market a boost.”

Michael Ricafort, Chief Economist at Rizal Commercial Banking Corporation, said, “The Philippine Stock Exchange Composite Index (PSEi) finally corrected higher amid some bargain-hunting activities (after declining for 7 straight trading days) after the US dollar corrected slightly lower to close at P58.12 versus the previous trading day’s ₱58.196.”