The Philippine stock market on Wednesday recouped some of the losses it incurred last week ahead of the local central bank's meeting.

The bellwether Philippine stock market jumped 1.22 percent, or 86.19 points, to 7,154.22, while the broader all-share index rose by 0.98 percent, or 41.06 points, to 4,218.29.

Trading volume reached 3.3 billion shares worth 6.69 billion pesos (149.52 million U.S. dollars) with 111 stocks advancing, 67 declining and 41 were unchanged.

"The local stock market has showed its resilience, which in turn reflects the sustained optimism and similarly displayed resiliency of the broad economy," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

The analyst said the bullish narrative of the market, though facing a tough challenge from external environment, is seen to continue over the next six to nine months.

Meanwhile, the Philippine central bank is set to hold its monthly monetary policy meeting on Thursday. Monetary officials may not announce changes on policy rates but Calaycay said the meeting, along with the release of third quarter earnings, should stir interest among investors.

"A breach of the 7,100 line and a renewed test of 7,200 level is highly probable," Calaycay said.

Stocks in the 30-company index were mostly up. These were Ayala Corp., Metropolitan Bank and Trust Co. and Robinsons Land Corp. Endi

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