Stocks bounced back on bargain hunting on Wednesday after falling through a key support level for the Philippine Stock Exchange index.

The index gained 109.13 points to close at 6,966.28 points. It was at a peak of 123.71 after the lunch trading break. Advances led declines, 104-75 with 45 issues unchanged.

Despite the rally, foreigners were still on selling mode. Selling by foreign funds reached P4.05 billion while buying amounted to P2.68 billion.

The peso declined to P49.35 to the US dollar from Tuesday’s P49.17 as volume at the Philippine Dealing System rose slightly from $666.50 million from the previous day’s $600.90 million.

The Philippine currency remained at a near eight-year low against the US dollar.

Among earnings reports, property developer DoubleDragon net income for the January to September period rose by 6.6 percent, the firm said in a disclosure to the stock exchange. DoubleDragon’s stock price remained unchanged at P51.80.

Lopez Holdings’ nine-month net income went up by 27 percent to P5.52 billion.

Semirara Mining and Power Corp.has pledged to support the Caluya local government unit’s campaign to declare two near-shore sites in Semirara Island as marine reserves or marine protected areas

Semirara is also pledging to restock giant clams on the two sites once these are legally declared as marine protected areas. The company breeds and reseeds giant clams through its marine hatchery laboratory in Semirara Island. DMS