Local stocks in Manila rebounded sharply on Wednesday, chalking up the single-biggest daily gain in six years, as bargain-hunters picked up oversold stocks as soon as the market dipped into “bear territory.”

The main-share Philippine Stock Exchange index regained 329.88 points or 5.7 percent to close at 6,118.94.  The PSE said this marked the local stock barometer’s biggest one-day point increase on record since August 2007, supported by positive news on the US economy and the encouraging income performance of listed companies in the first quarter.

This ended a five-day slump, likewise tracking a sharp recovery across regional markets.  This was after China vowed to stabilize its money markets after a recent credit crunch raised concerns about a potential crisis similar to that which hit Wall Street in 2008.

All counters rebounded but the sharpest rebounders were the industrial and property counters which all rose by over 6 percent. A clear sign of the booming baby tiger economy.

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