The Philippine stock market bounced back on Wednesday on bargain hunting.

The bellwether Philippine Stock Exchange index jumped by 1.59 percent or 109.13 points to 6,966.28, while the broader all-share index rallied by 1.16 percent or 48.12 points to 4,211.45.

Trading volume reached 1.27 billion shares worth 6.52 billion Philippine pesos (132.55 million U.S. dollars)with 104 stocks advancing, 75 declining, and 45 were unchanged.

All six counters were down, led by the property sector.

"The local mart is seen to trade on a gain today as investors might take the opportunity to reposition themselves," online brokerage 2TradeAsia.com said in its daily stock market comment.

The online brokerage said investors can start scouting for stocks that could benefit from the impending new US administration.

Likewise, reports showing efforts from OPEC to establish diplomatic talks with Russia to curb crude output might help boost market sentiments.

"We put the market's immediate support at 6,830, while resistance is seen at 6,950," it said.

Stocks in the 30-company index were mostly up. These include Ayala Corp., Jollibee Foods Corp., and BDO Unibank, Inc.